1) What is Placing Platform Limited (PPL)
In 2013, the LMA’s Future Process review concluded, amongst other things, that the market needed to improve its accessibility by delivering a central placing platform. This platform would support a flexible negotiation process, facilitate access to the market, and offer faster placement for the benefit of the client.
PPL is Placing Platform Limited, a limited company set up by the LMA, IUA, and LIIBA to identify and source a single market solution for electronic placing.
The solution will deliver quotation and placement functionality that supports both traditional face-to-face negotiations and purely electronic placements.
This platform will allow brokers and Insurers to quote, negotiate and bind business. This will support face-to-face placing of (re)insurance business, while minimising the use of paper and email and enabling remote placing globally.
2) What are the objectives of PPL?
The objectives are PPL are to:
- Protect London’s position as the global centre of excellence for specialist insurance and reinsurance
- Reduce the number of non-competitive tasks repeated by each broker or carrier participating in the same risk
- Minimise the risk of errors and costly rework inherent in the same data being entered multiple times by multiple people
- Provide a solution to cover a full range of functionality (quotation, document negotiation/comparison)
- Improve transparency and availability of accurate and complete information
- Reduce costs associated with the discovery phase of an E&O claim
- Provide a full contract audit trail and the ability to compare documents to quickly identify changes
3) What will PPL provide?
The PPL platform is a market-wide utility that will provide a single channel for placing business in the London Market. It will allow brokers and insurers to quote, negotiate and bind business electronically and provide a set of clear processes and standards for initiating reinsurance transactions to the London Market.
This will support face-to-face placing of (re)insurance business, while minimising use of paper and email and enabling remote placing where applicable.
It will also support structured data capture for insurers by introducing complementary technology and services and providing a data enrichment service to supplement that provided by the Broker.
4) What are the benefits of PPL?
PPL aims to deliver the following benefits:
- Enable speedier delivery of information to the client
- Allow quicker and easier access to London
- Provide speedier placement and endorsement agreement
- Reduce the overall costs of maintaining multiple technology platforms
- Support consistent, standard processes, and embeds compliance with these practices
- Provide a contract audit trail, providing insurers with the opportunity to reuse data throughout the lifecycle of the risk
- Create structured and visible workflow processes
- Improve efficiency by removing duplicated effort (rekeying data) and reducing processing time and errors when fully integrated
- Create greater transparency and availability of audit trails and reporting
- Provide insurers with the opportunity to reuse data throughout the lifecycle of the risk
- Instant document comparison
- Real time visibility of lead underwriter status
5) How does PPL fit in with the other projects under the London Market Target Operating Model? (LM TOM)?
PPL is one of the 15 initiatives that make up the Target Operating Model (TOM). It is a crucial first step in delivering the end vision of straight through processing – with the advantages of accuracy, greater transparency and availability of information.
The governance, control and direction of the programme follow the same principles as the overall TOM programme and there is clear communication across all the programmes and projects to ensure they develop alongside each other.
6) Is PPL only relevant to London Market brokers?
PPL is supported by the LMA, IUA and LIIBA and the platform will be available to all members of those associations. Accredited Lloyd’s brokers may also use the platform, subject to appropriate access conditions.
To participate, please contact your Association representative (contact details are noted on this FAQ and will be on the LMG Website). The PPL board are reviewing the access rights for non-Lloyd’s brokers and coverholders, more details to follow on this.
7) Which firms have committed to using PPL?
So far the boards of the LMA and LIIBA (representing a large majority of the market by premium income) have committed to using the PPL platform to place, bind and agree their risks.
A full list of these firms will be made available on the LMG website and updated as and when more firms sign Terms & Conditions to participate.
8) Does TOM intend to provide some support centrally to get people up to speed with using PPL?
Yes, we intend to provide initial training as well as ongoing support once PPL goes live. We will also be sending out regular updates. EBIX will be the training provider while the PPL team will help to facilitate.
9) How is the rest of the Market involved with TOM?
Absolutely not. PPL will support face to face negotiations and also ensure the contract is certain and that an audit trail exists for any changes to the contract. If required the contract can be downloaded and printed for review but the stamp is electronic.
The electronic version of the contract will lead to a more automated way of ensuring contract certainty during pre-bind review and using structured data capture to facilitate the sharing of data.
10) What makes you think it will be successful this time?
The market associations (LIIBA, IUA and LMA) are sponsoring this initiative. Previously, this has not been the case.
11) What has been done to increase the usability of the platform?
EBIX has worked extensively with representatives of several brokers and carriers to enhance usability and are creating a unified front end from quote to bind.
12) Is there a detailed overview of the current and future functionality available on the platform?
Details regarding functionality are covered in the user guide, which will be available on the PPL project section of the LMG website once testing is signed off.
PPL’s sub-committees will approve future functionality as recommended by the practitioner groups, which is then ratified by the PPL Board.
Updated documentation will be made available simultaneously.
13) Who is running the initiative and how can I support it?
Colin O’Malley (Colin.Omalley@lloyds.com) is the Programme Manager for PPL.
Organisations seeking further information on the initiative can request this through their market association:
The key contacts for PPL are:
- LIIBA Jackie Hobbs Jackie.Hobbs@liiba.co.uk
- IUA Louise Day Louise.Day@iua.co.uk
- LMA Ken Curtis Ken.Curtis@lmalloyds.com
Alternatively, please feel free to contact a member of the TOM programme team by posting a comment at the following address: https://www.isupporttom.london/initiatives/tom-overview