As part of the drive to deliver a modernised market infrastructure for London, Placing Platform Limited (PPL) has been set up by the market associations (IUA, LIIBA and LMA) to create a single market solution for electronic placing.
A central placing platform by PPL that supports both traditional face-to-face negotiations and purely electronic placements, or a combination of both, is a critical component in the work the London Market Group (LMG) is leading make London an easier place to do business.
PPL is a priority initiative within the London Market Target Operating Model (TOM) – a comprehensive programme of modernisation projects which benefits all stakeholders and is vital for the future of London as it seeks to maintain its position as the global centre of excellence for specialist insurance and reinsurance.
PPL is based on existing Ebix functionality, however a number of elements have been enhanced by the market. By working closely with Ebix, PPL will ensure that areas such as usability and functionality continue to be developed to the market’s requirements and dealt with according to their priority.
At a high level, PPL is a common technology based service that provides:
- Improved access to the market and speed of placement to the Client;
- Ability for brokers to submit and insurers to receive, and both to action: quote, firm order and placements;
- Development of defined standard integration capability to integrate with back office processes (subject to member specific technology integration capabilities), and with relevant core market technology components;
- Ability for brokers and insurers to message between the platform and their own systems;
- Support for structured data capture for insurers;
- Provision of a common work management and tracking tool;
- An audit trail of actions undertaken on / via the platform such as holding the detail of the different versions of the placement record;
- A clear set of processes and standards for initiating insurance transactions to the London Market.
- Speed of placing quotes and binding
- A single market solution will drastically reduce the costs associated with maintaining multiple technology interfaces;
- Focused investment by firms on common benefits which provides certainty for planning and integration;
- Facilitates flow of business both locally and remotely;
- Greater transparency and availability of audit trails and reporting;
- Provides insurers with the opportunity to reuse data throughout the lifecycle of the risk;
- Modernises the London Market infrastructure requirements that are unique to, and required by, London Market participants.
Improved Client Service and Access
- Improves access to London that may have previously been restricted due to prohibitive processing costs;
- Speedier placement and endorsement agreement;
- Full contract audit trail.
- Structured and visible workflow processes will allow firms to measure, manage and potentially increase productivity;
- Removes duplicated effort (rekeying data), reducing processing time and errors when fully integrated;
- Additional management information on placement (processes and data).