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 Y5189: Updates to the requirements to use electronic placement in the Lloyd’s market

 

Recognised electronic placement systems

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

Company  System  Effective date  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. The disconnected working scenario needs to be resolved in a short time frame to prevent two or more underwriters in the same team unwittingly responding to the same quote request with different responses, when one works from the mobile app in offline mode. 
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

* 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 Joe Dainty, Lloyd’s Global Head of Operations: joe.dainty@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.