IT software firm Ebix has been selected as the Placing Platform Limited (PPL) board’s preferred software supplier to develop an electronic placing platform.
In a tender process managed by Accenture, Ebix beat business technology and services provider Xchanging.
In a progress update, the International Underwriting Association, London and International Insurance Brokers' Association and Lloyd's Market Association, said that they gave their broad support for the concept.
“The tender involved a comprehensive review of the market wide requirements for electronic support for placing. The proposed service will be a key component of the modernised London market envisaged in LMG’s Target Operating Model,” said the PPL board.
It added that work is now underway to position the platform ready for a launch later in 2015.
It expects initial implementation to be in the terrorism sector followed by a structured roll out across other classes.