’It will support the market in its transition,’ says director of product and practice 

Placing Platform Limited (PPL) has introduced a new upgrade to its Next Gen platform to further enhance flexible negotiation and faster placement for the London insurance market.

Known as release 2.0, the update contains over 100 functional changes and introduces enhancements to almost all areas of the platform.

This includes improving quote functionality, with users now able annotate and compare documents, as well as bolstering underwriter team email notification capability.

“The 2.0 release is a major milestone and builds upon the foundations already in place,” Andy Woolley, director of product and practice for PPL, said.

”It will support the market in its transition to Next Gen.”

Future upgrades

PPL, which is part of Lloyd’s of London’s Future at Lloyd’s strategy, provides a single market solution for electronic placing that allows brokers and insurers to quote, negotiate and bind business electronically.

Adoption of the Next Gen platform is now proceeding, with the London market set to fully transition to it later this year (1 October 2023).

PPL is also planning three further upgrades for the platform, focusing on cutover priorities to assist the market with transitioning off the old platform and other enhancements requested by users.

“The 2.0 release sets the stage for our next phase of development as we continue to work to support the market’s ambition of becoming better, faster and cheaper through digital transaction processing via APIs [application programming interfaces],” Woolley said.

”These include adding CDR [core data record] support to enable connection with the Blueprint II digital gateway in time for its phased rollout in 2024.”