Everything needs to evolve. Our market is no different.
PPL is an electronic placing platform, built by the market for the market, and like the London Market, it’s still evolving.
The more we all use PPL, the better it will become and the closer we’ll be to providing a service that makes London an easier place to do business for our clients.
By allowing more time for the important face to face conversations, increasing the speed of delivery and reducing the opportunity for error, PPL can enhance the service we can provide all along the value chain.
Scroll down to learn more about how PPL is evolving the market – it’s time to make the change.
Making London an easier place to do business
By modernising the London Market, our customers will benefit from faster placement, swifter claims adjudication and settlement and a reduced error rate. PPL not only supports risk placement, but builds the foundations for making London an easier and more cost effective place to do business, opening wider opportunities to compete on the global stage.
Helping you sustain strong relationships
Strong relationships are critical to London’s success and conversations are the lifeblood of the market. The quality and importance of face to face conversations remain the same, supported by PPL providing a central platform for the risk throughout the placement process.
Focusing your expertise where it matters
Every day our customers rely on the expertise offered by the London Market. By removing paper from the placement process, and creating the ability to quote, negotiate, bind and endorse business digitally, PPL creates time to prioritise the complex deals that demand more of your expertise.
More fluid and productive working
The flexibility to do what matters, when it matters, is important to everyone. The digital world enables online banking, shopping and bookings to help people live their life on the move. PPL is an online platform that allows you to access risks when you need to, from wherever you are.
Preparing the London Market for the future
PPL isn’t just about reducing paper – it’s about embracing change and bringing ‘digital’ to life in the London Market. Paper contracts are unquestionably outdated. Paper is easily lost or damaged and storage, retrieval and analysis are not simple. It’s time for digital contracts that help prepare the London Market for the future.
One single audit trail
In a world where regulation is key, having a platform that delivers an instant audit trail for every risk placed helps reduce errors and omissions, and makes compliance easier.
Myth number 1
PPL will replace face-to-face.
The London Market is built on relationships and conversations to get the best solution for our customers. The quality and importance of face to face conversations, supported by PPL, remain the same. Endorsements can be handled online, saving you time for more complex deals that demand your time.
Myth number 2
help me in
PPL removes the need to carry, sort and scan paper contracts. It brings all communications relating to the placement of the risk into a single place. PPL can be used to compliment face to face discussions with updates in real time. Ultimately as PPL is used at submission, digital data will enter the market process sooner, making placement faster enabling more business to run smoothly through the market.
Myth number 3
PPL increases, rather than decreases, the work I need to do to place a risk.
If PPL is used at submission and the risk is progressed online, there’s no need to copy, scan or email updated documents as it’s all held centrally in PPL, saving time and work. If PPL is used to backload risks or a risk starts on PPL but then moves to paper, then work is increased through duplication. The first online banking system was limited in what it could do and how it could be accessed, but we gave it time and now it’s indispensable.
Myth number 4
PPL is no better
PPL produces an electronically bound, legal contract. What’s more, PPL stores all your data centrally, so it’s easily accessible, easily downloadable, and you can get a comprehensive audit report at the touch of a button.
Myth number 5
PPL is being
'done to us'.
PPL has been designed by the market for the market. PPL governance is made up of 60 practitioners across all levels of the market, and equally split between underwriters and brokers. Development priorities are also managed by market participants, so the market is very much in the driving seat.
Myth number 6
Carriers will only respond on PPL outside of box times.
PPL statistics show that the platform is being used during box hours. What’s more, carriers and brokers have jointly agreed and issued market practice guidelines through their Associations. Carriers and brokers are increasingly working together to help PPL work for everybody.
Myth number 7
Brokers will send risks at close of day with unrealistic response times.
Brokers and carriers have jointly agreed and issued market practice guidelines through their Associations. Brokers and carriers are increasingly working together to help PPL work for everybody.
Be part of the change
Place your risks electronically and be part of the modernisation of the London Market.
PPL is still evolving, but by signing up, getting trained and providing feedback, you can help us develop it further. And together, we’ll build a London Market fit for the future.
How can I be part of the change?