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Placing Platform Limited (PPL)

Moving risk more easily through the market

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.

Pre-PPL

  • Brokers and carriers have long and manual processes throughout the placement process.
  • The placement process relies on verbal communication and paper contracts.

After modernisation

  • 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.

What are the benefits?

  • 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?

Activity Target date
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

2018 Priorities

  • 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.

Everything needs to evolve.  Our Market is no different.  Click here to visit the Market Modernisation Campaign website