Shirine Khoury Haq blog: end-of-term report
While it doesn’t apply to me, for many people schools are out and we are in the high days of summer holidays. It seems to be a good moment to pause and reflect on the first half of 2018 and what the market has achieved in terms of making itself an easier place to do business.
On the other hand, our twins have just turned two and, as I write this, I am on holiday and about to embark on our first day of potty training … times two. We will look at our end-of-term report for modernisation now, but you will be happy to know that I will not be mentioning my personal life again for the rest of this blog!
The market is currently in the process of making its first formal measurement of how widely Placing Platform Limited (PPL) is being used. Led by the Lloyd’s mandate, but strongly supported by the IUA and LIIBA, Q2 quarterly adoption numbers will be published to establish if businesses are writing at least 10% of their risks electronically. The early signs are more than positive. LIIBA reported that 21 brokers were live on the platform in June, more than ever before, and Integro recently became the 40th broker to sign up. Over 3,000 risks were placed in June – 50% higher than the next best month of April.
Aon has been a market leader in supporting electronic placement in the London Market as an active user of Marketplace, an EBIX system that pre-dated PPL. From the 16th of July, Aon’s Property and Casualty, A&H and Political Risk teams are now placing new risks and endorsements on PPL itself. This will help the continued growth of electronic placement across the market and provide ongoing support of carriers in these classes of business.
The functionality of PPL is also continuing to improve with the recent addition of the ability to back-load facilities. The team is committed to listening to the market and making the platform better through market usage and feedback on improving PPL’s functionality. This is the fourth PPL release this year and more are planned for later in the year.
We are also moving closer to the September go-live for Delegated Authority Data, Submission, Access and Transformation Solution (DA SATS). As well as working with market firms to ensure they are prepared to start using the system, we want to ensure that coverholders also understand what it can do for them. Feedback from the coverholders we have spoken to has been very positive and we are excited about launching the service soon. The team has created a Coverholder Guide, and brokers and managing agents are being encouraged to share this pack with their commercial partners. Training on the service will start in September.
Partnering for success
For both brokers and underwriters to get the most out of solutions such as PPL, they need to be able to integrate them into their own systems. For that reason, software companies and other technology providers – as well as organisations such as ACORD – are vital parts of our ecosystem and our success.
As mentioned in my last blog, we are seeing real traction here. For example, broking software providers Trace, Morning Data and Capital can all now send placements to PPL electronically with no re-keying needed by their users and ACORD integration specialist, TIW, has built a solution that can help other broking system vendors rapidly integrate PPL to their broking systems for one-touch data flow.
We’ve also seen software providers bringing their user groups together to build solutions that will enable adoption. Both AdvantageGo and Sequel have developed integration capability to allow ACORD standard data to be received from SDC and mapped directly into their policy administration systems, reducing data-entry effort and increasing accuracy for their customers.
On July 4th, PPL was named winner of the Technology Award at the British Insurance Awards. This is great recognition by the wider industry that the London Market is making real progress, as is the fact that PPL and DA SATS have both been shortlisted for the Insurance Insider Insuretech Honour Awards. Fingers crossed for September!
I genuinely don’t think that our school report could possibly say “must try harder”. There has been a tremendous amount of leadership, energy and time given to all our Solutions by the Associations and the LM TOM Working Group and LM TOM Steering Board members, as well as by experts across our market and the LM TOM programme team. It is only through the time they commit to the LM TOM on top of their busy day jobs that we have been able to deliver on our promise to provide Solutions that remove duplication and complexity from the value chain and to reduce costs.
Finally, in terms of teamwork, I am grateful for the continued feedback we receive about modernisation from people across the market, especially from those who are not directly involved in LM TOM governance. These individuals take the time and effort to keep up-to-date on LM TOM activity, and to provide their views, which helps immensely to guide our work.
I very much look forward to seeing ongoing progress as we continue to deliver the LM TOM, and in the meantime, I wish you and your families a safe and enjoyable holiday season.