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.
The PPL Focus
PPL will continue to be the London Market’s e-placing platform of choice, offering best-in-class customer service to our market. We will always act in the best interests of our stakeholders in collaboration with the market associations.
- Improving user experience – 80% of our effort will be expended in continuously working to make the using the platform easier and better by delivering structured customer service and agreed platform updates throughout the year. This will drive increased usage.
- Making the platform more accessible – 10% of our effort will be spent working with ACORD so that more firms will be able to interface with PPL more easily.
- Looking at what you need next – research and development into what an e-placing platform of the future might look like will account for the last 10% of effort.
- 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.