Placing Platform Limited (PPL)

Designed by the market for 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.
  • Watch the PPL video here. 

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 Delivered
Political Risks class of business available on PPL platform Delivered
Kidnap & Ransom classes of business available on PPL platform Delivered
Accident & Health classes of business available on PPL platform April
Aviation class of business available on PPL platform June
Reinsurance 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