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.

All the details of the mandate can be found in Market Bulletin Y5256 Electronic Placement Mandate.

 

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    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.
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 Ed Broking wholesale business only
Connect UW Connect Marketplace

1 Dec 2018

  Conditionally recognised* Restricted to Connect UW business only
Dotlabs Dot Trade 1 Oct 2018   Conditionally recognised* Restricted to Dot Trade customers for credit risk and contract frustration 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

* 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, 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.