Placing Platform Limited (PPL)

Moving risk more easily through the market

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.

Pre-PPL

  • Brokers and carriers have long and manual processes throughout the placement process.
  • The placement process relies on verbal communication and paper contracts.

After Modernisation

  • 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?

Activity Target date
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.

2018 priorities

  • 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