November 19, 2018
Beazley, Aegis and Allied World have topped the first published PPL adoption table as adoption of the e-placing platform gained momentum in the third quarter.
According to data released by the PPL board, Lloyd’s syndicates placed 29.6 percent of in scope risks through electronic placement during the third quarter of 2018, while International Underwriting Association (IUA) companies signed up to PPL accepted an average of 29 percent of in scope risks – outstripping the 20 percent target set for the period.
Around 71 percent of syndicates met or exceeded the target, although 12 percent did not reach the target and 17 percent reported that they had no in scope risks during the period.
According to the first PPL adoption table, Beazley Syndicate 3623 emerged as the strongest performer, accepting 61.2 percent of in scope risks through e-placement in Q3 2018, followed by Aegis Syndicate 1225 at 59.9 percent and Allied World Syndicate 2232 at 51.2 percent.
Apollo Syndicate 1969 and Blenheim Syndicate 5886 took fourth and fifth place respectively.
Meanwhile, the PPL board reported that 58 percent of IUA companies met or exceeded the target during the quarter.
One hundred percent of syndicates at Lloyd’s reported under the mandate, and figures for almost all IUA companies signed up to PPL were also analysed.
As of 15 October 2018, 46 brokers and 113 carriers are signed up to PPL, with all classes of businesses now rolled out on the platform.
Bronek Masojada, chair of the PPL Board commented: “We have always wanted to celebrate success and our adoption table is about a race to the top. We hope businesses will be proud of what they have achieved in the last six months. The fact that the market has, as a whole, significantly exceeded the target set is hard evidence that many in the market are taking the challenge of digitalisation very seriously.
“There is no doubt that most focus is still in the latter stages of the placement process or beyond. If you look at endorsement activity, brokers have saved over 50,000 visits to underwriters that have not been required because of PPL – releasing time for more valued added activities. But we want to get it right, right from the start of the value chain – at submission, and there is still a long way to go on those metrics.
“Quotes and submissions are rising but more slowly than firm orders, risk bound or endorsements. Accurate data right from the start is the critical path to success.”
Lloyd’s COO Shirine Khoury-Haq added: “I am pleased to see that momentum continues to build around PPL adoption and Lloyd’s has again significantly exceeded its quarterly targets.
“The impressive adoption of electronic placement just goes to show that market participants are committed to transforming the way the London market operates. These actions, which target not only efficiency improvements but also help to further enhance our customer value proposition, are critical to ensure that London remains the global hub for (re)insurance.”
Louise Day, director of operations at the IUA, said: “The number of risks accepted via PPL continues to grow across the company market with several firms doubling their trade on the platform since the previous quarter. IUA members comprise many different business models and processing arrangements yet support for PPL is widespread with adoption rates matching those achieved by Lloyd’s managing agents.”