Business placed via the PPL platform continues to increase with the last week’s report showing a total number of 2376 risks bound, 1529 quote requests sent and endorsements agreed just shy of 4000.
In our last PPL update at the beginning of January, we confirmed that Marine was scheduled to be the next class of business to be implemented in March. The PPL platform was indeed made available for Marine business on Monday 6th March and both risks and endorsements are being traded. Numbers for this class will increase further once the next technical release of the platform (version 2c) is implemented at the end of next month.
Release 2b was successfully implemented on time by PPL in February 2017 with no defects reported. It delivers some significant enhancements for underwriters identified during initial live use of the platform in Terrorism. Release 2c brings some significant enhancements to the platform, including functionality for facilities. Further enhancements will be made to the platform based on experience in live usage.
The PPL team continue to work closely with the Associations to implement further lines of business to the platform. The next implementation will be the Property and Casualty lines over June and July 2017. Due to the size of the implementation and this hitting a peak renewal season for North American Property business, International Property and Casualty lines will be implemented early June, with North American Property being made available early July.
After Property & Casualty, the next class of business to go live on PPL will be Aviation, planned for early August 2017.
Discussions are occurring over the remainder of 2017, focussing on how the platform can be made available for Energy and Construction and also Reinsurance.
LIIBA will continue to update its membership on the progress of both the rollout of business lines and the technical roadmap. A primary query raised by brokers throughout 2016 was when integration between PPL and broker platforms would be available. The first technical specification regarding broker integration was produced in January and has been made available to LIIBA members and subsequently their software houses. LIIBA is aware that some members are already progressing with this and are close to an integrated solution.
LIIBA will be hosting broker focussed seminars once release 2c of the software is available for demonstration. The PPL team will also provide Market wide demonstrations and further details regarding these will be notified in due course.
In summary, PPL continues to hit key milestones on time and within budget. It is now a proven technology that has gained support through the hard work of the Market.
The PPL team is supported by the associations, who in turn are being supported by a large representation from the broking and carrier community, working together to ensure the platform is a success.
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