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Brokers publish data on PPL adoption

In 2018 more than 38,575 risks were bound using Placing Platform Limited (PPL), compared to 12,776 risks bound in 2017. In addition, some 70,000 endorsements were processed last year. The usage of electronic placement across the broking community has been a critical part of that success. “The number of risks bound by brokers has risen by 350% in the last 12 months,” commented Christopher Croft, CEO of LIIBA (left). “We are seeing more risks placed by more brokers across more risk classes – all strong evidence that electronic placement is being adopted more widely.”

Adoption gaining significant momentum
Delivering even more evidence that adoption by brokers is gaining significant momentum, several broking houses have published their own data on PPL adoption. Willis Towers Watson revealed that, during Q3 2018, over 57% of eligible risks were placed through the electronic placement platform across all lines of business, with certain lines of business regularly exceeding 75%. Nicolas Aubert, Head of Willis Towers Watson in Great Britain, said: “All risk transactions start with the broker so, to a great extent, it is the broker that determines whether the process is electronic or paper-based. One thing we know from our own analysis is that if a risk placement starts with the quotation function on PPL then it has a far greater chance of completing electronically.”

Marsh too announced that it had placed more than 10,000 risks in 2018 through PPL and has now bound more than 15,000 risks in total on the platform. Paul Moody, CEO, UK Specialties, commented: “We’re delighted to achieve this significant milestone on PPL. By driving adoption of electronic placement, we are able to enhance service to clients by producing key documentation when the risk is bound, which can then be sent to clients on the same day. With all policy details stored digitally in one place, insurers can easily access risk information in the event of a claim, making the process more efficient for clients. Marsh fully supports PPL and is committed to accelerating adoption of the platform.”

Reveal rate of PPL usage
Ed Broking Group also announced that it placed 67% of firm orders through PPL between August and November of 2018. Jonathan Prinn, Group Head of Broking at Ed, said: “At Ed Broking, we agree that all brokers should demonstrate their ability to change and reveal their rate of PPL usage. We do everything on TradEd, and use it to build structured slips online, capturing all the data traditionally compiled in a lengthy Word or PDF document. We are now in a position to offer carriers that data via a web service, and in doing so provide cost-reducing benefits to carriers, as well as adhering to quotas for electronic placement.”

Christopher Croft, CEO of LIIBA continued “We are keen to be transparent as possible about broker participation in PPL, but the way in which each broker calculates its overall pool of relevant risks makes league tables based on percentage take-up challenging. As an Association, we are monitoring levels of activity by firm and working with all our members to help them understand the benefits of operating in a digital world. A year ago, only six brokers were on PPL. Today we have 45 who are active on the platform - a clear indication that there is much greater traction across all sections of the market.”