Electronic placement of risk is something that is becoming more common within the UK insurance sector and as you’d expect London is at the heart of that transformational process. PPL announced that the system for placing Accident and Health risks went live on the 18th April 2018, and in the short few weeks inbetween, the system is attracting more quote traffic from brokers and underwriters.
The aim is to consign the old 19th century system of paper-based risk underwriting to the history books and make London a global centre for immediate, on-demand electronic placement. Aviation risk went live on June 11th and the latest stats continue to show a healthy upward curve.
Commenting on the latest statistics from PPL – the London insurance market’s electronic placement platform – Christopher Croft, CEO of LIIBA, said:
“Everything about these numbers is moving in the right direction. Endorsement requests and acceptances show solid growth as do firm orders. Quote requests received made a particularly big leap forward in May.
“LIIBA is working with those members yet to sign up for PPL to help them come on board. We have weekly demos of the system in our offices and these are attracting 40–50 people at a time. We have also now co-opted the help of our board members, each of whom is targeting a specific firm and seeking to persuade them that now is the time.
“It’s not just about signing up, though; it’s about using PPL in the most effective way possible. That means not waiting till the risk is bound to put the data onto the system, but to ensure its used from initial submission. This is how we can ensure that our clients will reap the maximum benefit possible from the market-wide adoption of this innovative technology.”