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.

Requirements & Standards

View all 'Requirements & Standards'

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 file

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Recognised electronic placement systems

As of 1 April 2018, recognised electronic placement systems include Placing Platform Limited (PPL), Marketplace and MEL.

Company	System	Effective From	Effective To	Status	Notes
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.
Stonehatch	Pebble (Markit Systems)	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)	Supercede (formerly Riskbook)	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.

Benoit Steulet

Global Operations

benoit.steulet@lloyds.com

Recognition of a system by Lloyd’s only relates to the mandate and means that the relevant contracts entered into that system can be counted towards the target percentages, as outlined in the mandate, each syndicate places electronically. The recognition does not mean that Lloyd’s supports or endorses the system for use or that the system is suitable for use in any particular case. Lloyd’s accepts no liability to any person in connection with any application, the costs or expenses incurred by any person in connection with any application, if a system is modified or adapted in order to make an application or if any application is declined or delayed for any reason.

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.