First PPL adoption table published as strong performance continues
The Board of PPL has released the market wide data for risks placed electronically during the third quarter of 2018. One hundred percent of syndicates at Lloyd's reported under the mandate, and figures for almost all IUA companies signed up to PPL have also been analysed. The target for this quarter was to have placed 20% of in scope risks through electronic placement.
The full adoption table can be found here
|Syndicates accepted 29.6% of in scope risks.|
|71% of syndicates met or exceeded the target.|
|12% did not reach the target and 17% reported that they had no in scope risks during the period.|
|International Underwriting Association|
|IUA companies signed up to PPL accepted an average of 29% of in scope risks.|
|58% of IUA companies measured met or exceeded the target.|
For the first time, an adoption table (see below) has been published, showing which businesses are most enthusiastically embracing electronic placement, on www.londonmarketgroup.co.uk
|The top five syndicates are:
Allied World s2232
Bronek Masojada, Chair of the PPL Board said: “We have always wanted to celebrate success and our adoption table is about a race to the top. We hope businesses will be proud of what they have achieved in the last six months. The fact that the market has, as a whole, significantly exceeded the target set is hard evidence that many in the market are taking the challenge of digitalisation very seriously.
"There is no doubt that most focus is still in the latter stages of the placement process or beyond. If you look at endorsement activity, brokers have saved over 50,000 visits to underwriters that have not been required because of PPL – releasing time for more valued added activities. But we want to get it right, right from the start of the value chain – at submission, and there is still a long way to go on those metrics.
Quotes and submissions are rising but more slowly than firm orders, risk bound or endorsements. Accurate data right from the start is the critical path to success."
Shirine Khoury-Haq, Lloyd’s Chief Operating Officer, added: “I am pleased to see that momentum continues to build around PPL adoption and Lloyd’s has again significantly exceeded its quarterly targets. The impressive adoption of electronic placement just goes to show that market participants are committed to transforming the way the London market operates. These actions, which target not only efficiency improvements but also help to further enhance our customer value proposition, are critical to ensure that London remains the global hub for re/insurance.”
Louise Day, Director of Operations at the IUA, commented: “The number of risks accepted via PPL continues to grow across the company market with several firms doubling their trade on the platform since the previous quarter. IUA members comprise many different business models and processing arrangements, yet support for PPL is widespread with adoption rates matching those achieved by Lloyd’s managing agents.”
PPL is a core component of the London Market Target Operating Model.
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158