’It is great news that we now have all the larger brokers set up on the platform,’ says chief operating officer
Placing Platform Limited (PPL) has revealed that the top 10 largest global brokers have now gone live on its Next Gen platform.
PPL, which is part of Lloyd’s of London’s Future at Lloyd’s strategy, is using its Next Gen platform to support flexible negotiation and faster placement for the London insurance market.
Adoption of it is now proceeding, with the market set to fully transition to the new platform later this year (1 October 2023).
Ahead of this date, PPL revealed in a statement yesterday (16 August 2023) that Marsh, Aon, Willis Towers Watson, McGill and Partners and Guy Carpenter had now gone live on the platform.
It added that Howden, Lockton, AJ Gallagher and Tysers were already using the service as well.
This came after the London and International Insurance Brokers’ Association’s (Liiba) published its agenda earlier this year (20 January 2023), which highlighted that brokers would be key in shaping the London market’s trading environment for insurance.
Liiba said that brokers’ participation in the Future at Lloyd’s programme could see them take a prime position in the market.
The body also mentioned brokers’ key role in delivering the new version of PPL and driving people back into Lloyd’s underwriting room.
PPL said it now estimated that brokers who place over 95% of the risks in the market are now in place on the Next Gen platform.
Colin O’Malley, chief operating officer of PPL, said: “Each of the major brokers has had their own path to the adoption of Next Gen.
”It is great news that we now have all the larger brokers setup on the platform and with plans in place to ramp up to full usage by 1 October, our attention will now turn towards supporting firms in the completion of this transition.”
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