PPL: PLACING PLATFORM LIMITED

The Placing Platform Limited (PPL) has been set up by a group of market associations comprising the IUA, LIIBA and the LMA in order to carry out one of the priority targets of TOM. It will create a single market solution for electronic placing that will allow brokers and insurers to quote, negotiate and bind business electronically. The central placing platform will support both traditional face-to-face negotiations as well as placements that are purely electronic; or a combination of the two. The PPL is a critical part of the work being carried out by the LMA to make London an easier place in, or with, which to do business, and to achieve the goals of TOM.


In April 2016 the TOM programme took a major step forward with the signing of a contract with Ebix for the provision of the Placing Platform software. The reason for choosing Ebix as partner in this development is that it will be based on existing Ebix functionality, with some elements being enhanced by the Market, and it will continue to be developed to meet the Market’s requirements. Ebix beat Xchanging as provider of this service due to its software being ‘tried and tested’ and also to present the Market with an element of choice.

The PPL will bring a number of advantages to the Market, starting with improved access to it from all over the world, and speed of placement for clients. It will allow the flow of business between Brokers and insurers both locally and remotely, and all data will be fully integrated between back office and core market technology processes. Support will be provided for structured data capture for insurers, and there is provision of a common work management and tracking tool.

Additionally, there is a built-in audit trail of all actions taken via the platform, including the details of all different and previous versions of risks. All of these attributes mean that the costs of maintaining multiple technology interfaces will be reduced, and a focused investment by firms with common benefits can be put into place. Reporting and audit trails will be clearer, and insurers will be able to reuse data throughout the lifecycle of the risk.

The PPL will ultimately improve client service. By improving efficiency and increasing the level and breadth of service, clients will experience faster placement of their risks and the new, modern infrastructure of the London Market will open up many doors that were previously closed.
 

Update #1

June 2016

London's brokers are uniting in their aim to meet the planned 'go-live' date of July 11th 2016 for the PPL.

The target date is set for terrorism risks in the market to be placed through the Placing Platform Limited.

The launch of PPL sees a crucial step in the TOM programme, which is the "largest market modernisation programme ever undertaken" (Peter Mungeam, Chief Operating Officer - Aon Benfield Client Services.) It is expected to cost £250 million over the next five years, equating to £300,000 a day.

The PPL will be a huge part in keeping London "vibrant and at the forefront of the undustry".
 

Update #2

July 2016

The PPL began trading on the 11th July 2016 with its first line of business, terrorism. The first terrorism risk was bound within the first hour of trading.

Having been declared 'fit for purpose' by the chairman of the PPL, nine brokers, including the four largest, along with 44 carriers have signed up to the platform's initial launch.

The next lines of business to go live will be D&O, financial institions and professional indemnity, which are expected at the end of this year.
 

Update #3

October 2016

Three more classes of business have been set to go live on the PPL on November 7th.

As the next step in the program's expansion, directors' and officers', financial institutions and professional indemmity classes will all go live on the platform.