Today the Corporation of Lloyd’s confirmed the H1 2019 targets for electronic placement, following approval from Lloyd’s Board and Council.
For Q1 next year (2019), each syndicate will be required to have written no less than 40% of its risks using a recognised electronic placement system
with the target increasing to 50% in Q2. A quote target will also be introduced in Q2 2019, and all targets will now apply to both lead and follow business.
To support electronic risk placement adoption across the market, Lloyd’s brokers will be required to connect to a recognised electronic placement platform by 1 June 2019. Lloyd’s will be working closely with LIIBA to achieve this.
Lloyd’s Chief Operating Officer, Shirine Khoury-Haq, said: “Since we implemented this mandate across the Lloyd’s market, we’ve seen a marked increase in the adoption of electronic trading, which is fast-tracking our transformation. The latest developments, including quote targets and the Lloyd’s broker requirement, are essential next steps in our journey to digitise our market and to provide the best possible service to our clients. I am thankful to have so much support across the broking community and LIIBA in these efforts.”
The board of PPL Ltd announced that the treaty reinsurance class of business went live on the platform today, completing its roll out of products. PPL’s focus will now be on continuous improvement of the technology, functionality and usability of the platform.
Today the London Market Group (LMG) announced its Delegated Authority: Submission, Access and Transformation Solution (DA SATS) goes live this week. This is a core part of the London Market Target Operating Model which is making London an easier place to do business.
10th September 2018 – The London Market Group (LMG) announced the launch of three new tools that will help market users of the London Market Target Operating Model (LM TOM) access solutions more easily and securely exchange all types of data.
June 28, 2018 - The London Market Group (LMG) is pleased to announce that Chubb has now integrated the Structured Data Capture service (SDC) from the LM TOM, making it the first company to go live on a ‘business as usual’ basis. Chubb has started with Market Reform Contracts and is reviewing the use of additional document types.
25th June 2018 – The board of PPL Ltd released the usage figures for the platform for May 2018. Additional highlights include:
- Daily average practitioner log-ins have doubled since January 2017.
- Risks placed have increased from 300 a week at the end of December 2017 to around 400 at the end of May 2018.
- Most major classes of businesses are binding over 10% of their risks on PPL, with Financial and Professional Lines at just under 60%.
3rd May, 21018 - Today the London Market Group (LMG) announced that a contract has been signed with Charles Taylor InsureTech Limited to deliver a delegated authority solution that will provide a central service to standardise and centralise the collection, validation, processing and supply of delegated authority data across the market.
18th April 2018 – The board of PPL Ltd announced that the Accident & Health classes of business went live on the platform on Monday 16th April. This is a significant addition to the suite of risk classes available to brokers and underwriters.
13th April, 2018 – The London Market Group announced today the launch of London Insurance Market Operations & Strategic Sourcing (LIMOSS) led by Managing Director, Patrick Molineux. LIMOSS has been established to source and manage the portfolio of market services which the London insurance market has built as it modernises its processes.