What is it?
- An electronic placing platform which enables brokers and insurers to quote, negotiate, bind and endorse business digitally.
- Risks can be placed electronically to support face-to-face negotiations, removing paper from the process and creating a digital information flow and audit trail.
- Brokers and carriers have long and manual processes throughout the placement process.
- The placement process relies on verbal communication and paper contracts.
- Face-to-face negotiation continues across the placement process.
- Broker creates quotes, uploads supporting documents and carriers are selected. Carriers are able to respond within seconds, and a full auditable history is held.
- The progress of a risk can be tracked from quote submission to bind, including endorsements. There is clarity on where risks are in the process and with whom, whilst ‘holding’ all supporting documentation with a full audit trail.
- MI on user activity and behaviour is available.
- Brokers can request quotes from multiple carriers more efficiently, saving time to focus on more complex negotiations and sourcing new business.
- Risks can be accessed online with opportunities to accelerate turnaround time for quotes, firm orders and endorsements.
- Underwriters can plan work more efficiently through the PPL dashboard and prioritise more complex negotiations.
- There will be opportunities for support teams to become up-skilled.
- Clear audit trails can be created for internal compliance.
- The speed of producing and managing documentation will be improved.
- There will be opportunities for integration to back-office systems.
- In the event of a claim, the entire risk negotiation information can be produced at the touch of a button.
What are the key dates in 2018?
|Energy & Construction classes of business available on PPL platform||Delivered|
|Political Risks class of business available on PPL platform||Delivered|
|Kidnap & Ransom classes of business available on PPL platform||Delivered|
|Accident & Health classes of business available on PPL platform||Delivered|
|Aviation class of business available on PPL platform||Delivered|
|Reinsurance class of business available on PPL platform||Delivered|
Key progress to date
- As of 15th October, 2018, 46 brokers and 113 carriers are signed up to PPL.
- All classes of business are available on the PPL platform.
- Over 10,000 users are configured on the platform
- SDC integration capability delivered
- Management Information reporting tool launched
- PPL Learning Management System (LMS) is available 24/7
- GDPR compliance delivered
- Won the British insurance Award for Technology
- Roll-out of online placing solution to the remaining business types; Reinsurance in October and verticalised business is subject to market approval on delivery date.
- Enable further broker & underwriter integration.
- Platform enhancement releases to deliver agreed high priority requirements.