Lloyd’s syndicates beat first quarter electronic placement targets

Placing Platform Limited (PPL) has released the market wide data for risks on the electronic placement platform for the first quarter of official reporting, ending June 2018.

Highlights from the Lloyd’s market included:

  • Across the entire market syndicates accepted 16.3% of in scope risks through electronic placement.
  • 56% of syndicates met or exceeded the target to have placed 10% of in scope risks.
  • The highest level of adoption for a syndicate was 54% of all in scope risks.
  • 31% did not reach the target and 13% reported that they had no in scope risks during the period.

One hundred percent of Lloyd’s syndicates reported under the mandate – announced in March – which required that from the end of Q2 this year each syndicate would write no less than 10% of its risks electronically. This target will rise by 10% each quarter until Q4 2018 (to 30%). Further targets will be confirmed prior to the end of Q4 2018. The mandate is designed to accelerate the market’s transformation from paper to digital and ensure the market realises the benefits of electronic placement.

Electronic placement and the market’s adoption of PPL is a key component of the London Market Target Operating Model (TOM) programme.

Shirine Khoury-Haq, Lloyd’s Chief Operating Officer and sponsor of the London Market TOM programme commented: “We are encouraged by the support and effort we have received so far which has resulted in the market exceeding the target set earlier in the year. Further adoption will help the market increase efficiency, reduce back office costs and, most importantly, improve client service. We are using the feedback we have received to work with our syndicates, the Associations and our brokers to build on the momentum generated by these positive results.”

Charts will be published of anonymised individual businesses’ data at www.londonmarketgroup.co.uk.