February 14th, 2020: Market-wide data was released today for submissions and risks placed electronically during the last 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. The target for this quarter was to have submitted 15% of in scope risks and bound 70% through electronic placement.
| Lloyd’s | ||||||||||||
| Syndicates accepted 73% of in scope risks and 39% of submissions were electronic. | ||||||||||||
| International Underwriting Association | ||||||||||||
| IUA companies signed up to PPL accepted an average of 61% of in scope risks.
42% of IUA companies measured met or exceeded the target of 80% or more. |
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| Lloyd’s syndicate adoption table – full list available on https://lmg.london/
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Bronek Masojada, Chair of the PPL Board said: “Market co-operation has always delivered the best results in London to make change happen. The fact that we are now seeing both submission and placement taking place electronically proves what brokers and underwriters can do by working together so everyone benefits from e-placement. PPL will continue to improve the platform for its users and the market is committed to getting more out of what we have today.”
John Neal, Lloyd’s Chief Executive, added: “I am delighted that we have hit all of our electronic placement targets, which are a key priority for us as part of the Future at Lloyd’s strategy. Digital access to Lloyd’s will make it simpler for our distribution partners to do business with us and to focus on what they do best, which is to provide valuable advice to our customers.”
Louise Day, IUA Director of Operations, commented: “Electronic placement in the company market is now approaching two thirds of in-scope risks processed and we have seen new IUA members adopting the technology in recent months. It is important that the success of PPL in 2019 is built upon to ensure the platform is fully utilised throughout the placement process from quote to bind.”
Christopher Croft, CEO of LIIBA, said: “We are enthusiastic proponents of electronic trading. The effort our leading members have committed to providing the backbone of PPL adoption is testament to that, and this data illustrates the efforts they are making every day to improve processes. We now want to see those efforts rewarded with tangible benefit for our clients and see a real drive to improve how we work and the platforms we work on.”
Sheila Cameron, CEO of the LMA, noted: “The latest figures reinforce what has been an impressive year for PPL in the volumes of submissions and, particularly, in-scope risks placed. The RFP process for the next version of PPL has commenced, and it promises significant system improvements and added functionality. Not only must this provide a better user experience but its successful delivery also underpins the ambitious aims of the Future at Lloyd’s Blueprint in delivering a data driven marketplace.”
Click here to download the full report.
For more information please contact:
Caroline Wagstaff, Luther Pendragon | Tel: 020 7618 9158