Lloyd’s new API enhances and simplifies electronic placement
Lloyd’s today announced the launch of a new application programme interface (API) to help London Market brokers and underwriters place business electronically, as part of the Future at Lloyd’s work on developing the next generation of PPL.
The new API is available immediately and enables the frictionless flow of electronic placement data for submissions and quotes between carriers and brokers using either PPL or any other proprietary platform.
Atrium Underwriting Limited will be the first to adopt the new API, which was developed by Lloyd’s in collaboration with PPL and LIMOSS as well as several other Lloyd’s brokers and underwriters.
“This is an exciting new development that will enhance and simplify the flow of electronic placement data across the market, as we continue to progress the development of the next generation version of PPL. At Lloyd’s we want to make digital solutions that deliver better outcomes for our customers in a way that benefits the entire market. We are committed to sharing these benefits as quickly as possible using an open source framework that engenders even greater collaboration and engagement across the Lloyd’s ecosystem.”Jennifer Rigby, Chief Operations Officer and Executive Sponsor of the Future at Lloyd’s
“The ability to share data is one of the core components in enhancing PPL and increasing adoption across the market. This development has been a tremendous collaborative effort. The result is that, when the API is implemented by a market firm, it will be possible to drive PPL entirely from their own systems without using the platform’s user interface for Submission & Quote. Next we will move on to look at Firm Order.”Susan Jakobek, Managing Director of Placing Platform Limited
“With this development we have the opportunity to significantly streamline the process of taking in business through all the various stages starting with Submission to Quote, from a single user interface. Our vision is to deliver a single screen for underwriters with no logging in, no copying and pasting, no duplicate or manual entry, everything inter-connected from within the Atrium software ecosystem.”Justin Emrich, Chief Information Officer at Atrium
APIs are vital for improving the flow of digital data around the market. They benefit brokers and carriers by enabling them to work from their own systems, reducing the need for double entry of data and documents. Not all parties need to have APIs to work together on a placement. These APIs are now available via the new Lloyd’s Developer Portal and support will be offered by PPL and LIMOSS.
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Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.
It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.
And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
Lloyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.
Placing Platform Limited is a not for profit company set up in 2016 to create a single market solution for electronic placing that would allow brokers and insurers to quote, negotiate and bind business electronically.
Since the first risk was bound on PPL in July 2016, the platform has expanded to cover almost all classes of risks placed in the London market, and is used by over 300 broking and underwriting firms.
PPL supports face to face negotiation across the placement process by enabling a faster and more efficient process for placing risks. It is the London Market’s e-placing platform of choice, offering best-in-class customer service to the market.
LIMOSS stands for London Insurance Market Operations & Strategic Sourcing.
LIMOSS’s purpose and vision is to source and operate services for the London Market. Market Services are common technology and business process services used across the London Market to streamline, modernise and automate insurance processes to deliver the vision of one-touch data capture and straight-through processing, while retaining the judgement and face-to-face relationships that underpin and differentiate the London Market.