Market hits target for electronic placement of risks
November 11th, 2019: Market-wide data was released today for risks placed electronically during the third quarter of 2019. One hundred percent of syndicates at Lloyd’s reported under the mandate, and figures for almost all IUA companies signed up to PPL have also been analysed.
International Underwriting Association
IUA companies signed up to PPL accepted an average of 53% of in scope risks
Syndicates accepted 65% of in scope risks.
Louise Day, IUA Director of Operations, commented: “The proportion of risks accepted via IUA members continues to rise and several companies are now placing considerable parts of their book via the platform. There is still scope for expansion, however, and year-end renewals present an opportunity for volumes to be increased significantly.”
Bronek Masojada, Chair of the PPL Board said: “The market is on track to place the majority of its business electronically but we cannot relax now. The placing process has to start electronically – from submission, for us all to reap the full benefits of process improvement. The levels of submissions is increasing, but we need to hit our target of 15% in Q4 of this year. All markets need to work together on this next important phase.”
John Neal, Lloyd’s Chief Executive, added: “Through the Future at Lloyd’s we are building the most advanced insurance marketplace in the world. Digitalisation is key because it makes it simpler and more efficient for customers and market participants to trade. I’m pleased that the Lloyd’s market has so far surpassed every quarterly target for electronic placement. We need to continue building this momentum to ensure the same level of success in submission rates.”
Christopher Croft, CEO of LIIBA, said: “This set of data shows that the adoption of electronic placement in the London Market has come of age. Whether users are choosing PPL or one of the other platforms which are seeing sign up, they are looking for the solutions that suit their business model best, actively working to automate the low value activities and concentrating on where they can really make a difference for customers.”
Sheila Cameron, CEO of the LMA, noted: ""It is satisfying to see continuing growth in adoption of PPL and that the number of in-scope risks placed electronically at Lloyd’s is ahead of target for the quarter.
“Our marketplace has gone further than ever before in making electronic placing a reality, but we still have much of the journey ahead of us. A commitment to invest in the next generation of PPL as part of Future at Lloyd’s and the evolution of a complex risk platform from a ‘document-centric’ to ‘data-first’ world, are fast approaching on the horizon and will bring new challenges and opportunities.”
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158