Marsh leading the way with new classes of business on PPL
Marsh has become the first broker in the London Market to successfully place a construction risk on PPL since the class of business went live on 5 March 2018.
The Construction team is now using the system for quote and bind, and leveraging the team work functionality to support client executive and broker functions. Marsh has also placed its first kidnap and ransom (K&R) risk and has more in progress.
Underwriter responses have been swift and positive, and as Lloyd’s further clarifies its mandate on electronic placement, Marsh is keen to work with its carriers to continue to make PPL a success.
Philip Lazell, Construction & Real Estate UK CEO, Marsh, said “We’re really pleased to be the first in the market to place a construction risk on PPL. Using PPL to support the placement process still allows Marsh to maintain carrier/broker relationships, at the same time removing paper from the process. Binding and calculating signed lines within PPL provides underwriters with their signed line position straight away and reduces queries from Bureau processing.”
Marsh fully supports PPL as part of the LM TOM Market Modernisation and is embracing PPL. Marsh has been placing business on the platform from the initial PPL go live in July 2016.
Stuart Blyth, Senior Vice President, UK Operations, Marsh, added “PPL altogether enhances Marsh’s client service offering. We are able to produce contract certain documentation at the point of bind in a format which is ready to be send to our clients on the same day. We are committing to place volume on the platform and are confident that the carriers we work with will reciprocate to make the London Market an easier place to do business.”