Electronic Placement: From paper to digital
In order to accelerate the transformation from paper to digital the Lloyd’s Board and Council have approved the details of a mandate for electronic placement on a phased basis.
The mandate has been developed following detailed discussion with members of the Lloyd’s market, the Lloyd’s Market Association (LMA), the London & International Insurance Brokers' Association (LIIBA) and the International Underwriting Association (IUA).
Through the London Market Target Operating Model (TOM) programme, we have built systems which make placement easier and digitise our paper based processes. We have a system that works and that supports face-to-face negotiations. Adoption by the market will increase efficiency, reduce back office costs, and most importantly improve customer service.
Market Bulletin Y5256 Electronic Placement Mandate
All the details of the mandate can be found in the fileDownload
Recognised electronic placement systems
As of 1 April 2018, recognised electronic placement systems include Placing Platform Limited (PPL), Marketplace and MEL.
|Ebix||PPL||1 April 2018||Fully recognised|
|Ebix||Marketplace||1 April 2018||Conditionally recognised*||As Marketplace is being replaced, it is only existing business contracts which have been placed through this system which will count towards the targets outlined in the mandate.|
|Hiscox||MEL||1 April 2018||Conditionally recognised*||Recognition is restricted to Hiscox 100% business as specified in the application|
|Whitespace||Whitespace||1 April 2018||30 Jun 2020||Conditionally recognised*||The system is limited to use by mid-tier organisations and/or discrete teams in larger organisations, until appropriate scaling of the support of the system is in place.|
|Whitespace||Whitespace||1 July 2020||Fully recognised|
|Aegis||Opal||1 July 2018||Conditionally recognised*||Recognition is restricted to Aegis 100% open market or 100% lineslip declaration business.|
1 Sept 2018
|Conditionally recognised*||Lineslip declarations with lead only UW decisions, restricted to lines of business as described in the application.|
|Hiscox||Portal Plus||1 Sept 2018||Conditionally recognised*||Recognition is restricted to Hiscox 100% business as specified in the application|
|Moore Stephens||Rulebook||1 Oct 2018||Conditionally recognised*||Subject to system being used as a Commercial of the Shelf (COTS) software platform|
|Guy Carpenter||GCMP||1 Sept 2018||Conditionally recognised*||Restricted to Guy Carpenter RE business only|
|Ed Broking||TradEd||1 Sept 2018||Conditionally recognised*||Restricted to BGC entities wholesale business only|
|Connect UW||Connect Marketplace|
1 Dec 2018
|Conditionally recognised*||Restricted to Connect UW business only|
|Hyperion X (formerly Dotlabs)|
xTrade (formerly Dot Trade)
|1 Oct 2018||30 June 2020||Conditionally recognised*||Restricted to xTrade customers for credit risk and contract frustration business only|
|Hyperion X (formerly Dotlabs)||xTrade (formerly Dot Trade)||1 July 2020||Conditionally recognised*||Restricted to xTrade customers for credit risk, contract frustration, cargo and stock throughput business only|
|Flovate||LEAP||1 Jan 2019||Conditionally recognised*||Restricted to Miller lineslip business only|
|Insured Creativity||GLIDE||1 Jan 2019||30 April 2019||Conditionally recognised*||Restricted to Brit 100% business only|
|Insured Creativity||GLIDE||1 May 2019||Conditionally recognised*||Restricted to 100% lineslip business only|
|Willis Towers Watson||Mercury||1 April 2019||Conditionally recognised*||Restricted to Willis Towers Watson credit risk and contract frustration business only|
Supercede Technology Ltd(formerly Riskbook Ltd)
|1 April 2020||Conditionally recognised*||Restricted to open market reinsurance business only|
|AON||ABConnect Placements||1 April 2020||Conditionally recognised*||Restricted to AON treaty reinsurance business only|
|Relay Platform Inc.||Relay Platform||1 Sept 2020||Conditionally recognised*||Restricted to open market P&C business only|
* For systems with the status ‘conditionally recognised’ valid contracts written through it can be recognised as ePlacements in the ePlacement return but for one or more reason it is not recognised as a full market offering. The conditions that apply are recorded in the notes section.
Other systems may be recognised providing they meet Lloyd’s specified criteria. For details of the functional/non-functional criteria and the application process contact Benoit Steulet.
Further information on electronic placement
Shirine Khoury-Haq, Chief Operating Officer, Lloyd’s, on leading the implementation of electronic placement to become the only digitised insurance market in the world.
Bronek Masojada, CEO, Hiscox, talks about how the Lloyd’s and London market have to work together on the implementation of electronic placement.