PPL is the London Market's 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.
Most importantly, PPL is designed by the market for the market.
Placing Platform Limited is a not for profit company set up in 2016 to create a single market solution for electronic placing that would allow brokers and insurers to quote, negotiate and bind business electronically.
That market solution is PPL. Since the first risk was bound on PPL in June 2016, the platform has expanded to cover almost all classes of risks placed in the Lloyd’s market, and is used by around 140 carriers and more than 100 broker firms.
PPL supports face to face negotiation across the placement process by enabling a faster and more efficient process for less complex risks. We are the London Market’s e-placing platform of choice, offering best-in-class customer service to our market.
What PPL offers
• Underwriters can plan work more efficiently through the PPL dashboard and prioritise more complex negotiations;
• Brokers can request quotes from multiple carriers more efficiently, saving time to focus on more complex negotiations and sourcing new business;
• Brokers create submissions, upload supporting documents and carriers are selected. Carriers are able to respond within seconds;
• Face-to-face negotiation continues across the placement process;
• Risks can be accessed online with opportunities to accelerate turnaround time for quotes, firm orders and endorsements;
• 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, while holding all supporting documentation with a full audit trail;
• Management Information (MI) on user activity and behaviour;
• A full auditable history, enabling clearer audit trails;
• Faster production and management of documentation;
• 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.
- Improving user experience – 80% of our effort will be expended in continuously working to make the using the platform easier and better by delivering structured customer service and agreed platform updates throughout the year. This will drive increased usage.
- Making the platform more accessible – 10% of our effort will be spent working with ACORD so that more firms will be able to interface with PPL more easily.
- Looking at what you need next – research and development into what an e-placing platform of the future might look like will account for the last 10% of effort.
Click to watch the video on the full benefits when you use PPL from Quote to Bind.