The Lloyd’s modernisation platform went live with terrorism class of business in July
Ash Bathia’s Lloyd’s syndicate Probitas 1492 has signed up to Lloyd’s Placing Platform (PPL), which is part of the Target Operating Model package of London Market reforms.
The online platform, which went live with terrorism class of business back in July has recently added financial lines to its facility.
The modernaisation platform allows brokers and underwriters to see policy details, quotes, and financial transactions in a single online platform, thereby reducing administration and associated costs.
Probitas senior underwriter James Andlaw said the way in which the London Market placed business, usually involving time-consuming administration, was “a far cry” from the norm of next generation brokers and underwriters who had never lived in a world without internet.
Andlaw said: “The market needs to adapt and evolve. We are developing our own in-house online platform. When I heard financial lines was being added to the PPL initiative, it was imperative that we were at the forefront of driving the Insurtech agenda.
“Our team has signed up to the facility offering management liability, professional indemnity and financial institutions insurance and we are fully behind this progressive Lloyd’s initiative.”