PPL goes live
On Monday 11 July the London Market Group (LMG) announced that PPL had begun trading.
PPL is the London market’s electronic placing platform, and brokers and underwriters can now use it to exchange information on standalone Terrorism risks, the first class of business to go live on the system.
David Ledger, Chairman of the PPL Board said “We are delighted that the system is up and running. We expect there to be a steady build-up of use as brokers and carriers move their processes onto the system, pass more information and ultimately transact business. This is just the first step in ensuring that our market is fit for purpose in the 21st century.
This is a market based initiative - it was formed by our associations, it is governed by market practitioners – it is our solution. This is not about getting rid of face to face negotiation, quite the opposite. It is about ridding the market of duplication and administration, leaving more time for the value added activities. It’s about everyone having one set of correct information when they talk about a risk and data being entered once, and once only.”
PPL is a core component of the Target Operating Model, which being delivered by the London Market Group, an association of associations, which itself is made up of the Corporation, the Lloyd’s Market Association (LMA), the International Underwriting Association (IUA), and the London and International Insurance Brokers Association (LIIBA).