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.
- 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.
What are the benefits?
- 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.
What are the key dates in 2018?
|Energy & Construction classes of business available on PPL platform||February|
|Political Risks class of business available on PPL platform||February|
|Kidnap & Ransom classes of business available on PPL platform||February|
|Reinsurance class of business available on PPL platform||March|
|Accident & Health classes of business available on PPL platform||April|
|Aviation class of business available on PPL platform||TBC|
Key progress to date
- Terrorism, Financial & Professional Lines, Marine, Property & Casualty and Bloodstock & Livestock are live on the PPL platform.
- As of January 2018, 28 brokers and 91 carriers are signed up and/or live on the platform.
- As of January 2018, over 4900 users are configured on the platform
- PPL Learning Management System (LMS) was launched in November 2016.
- PDF comparison went live February 2017.
- Facility Functionality went live in October 2017.
- Roll-out of online placing solution to the remaining classes of business subject to market approval – including Energy & Construction, Political Risks, K&R, Reinsurance, Accident & Health and Aviation.
- Enable further broker & underwriter integration.
- Platform enhancement releases to deliver agreed high priority requirements. These include: – Expanded facilities functionality; – Enhanced endorsement functionality; and – Improved Management Information capability