Lloyd’s PPL e-placement soar to record levels amid COVID-19 lockdown
A record number of risks were placed electronically on London Market's Placing Platform Limited (PPL) last week as brokers and underwriters transitioned to trading remotely during the ongoing COVID-19 pandemic.
According to the latest figures released by PPL, the number of unique users increased by 40 percent after the government imposed lockdown measures meant to control the spread of virus.
Since March 14, the number of unique users on the platform rose by 40 percent, with 550 new users set up within two weeks, compared with an average of 336 new users per month in 2019.
Close to 102 broking firms placed business on the platform during this period, while the number of submissions doubled.
A total of 214 users registered for training sessions, compared with 136 users registered in the same period in 2019.
Overall, last week saw the market place over 5,600 risks – around 2,000 risks higher than the previously weekly high.
The PPL platform enables brokers and insurers to quote and negotiate electronically. It is designed to accelerate the market’s transformation from paper to digital and increase efficiency.
The platform has been tracking activity and performance of brokers and underwriters since the government-mandated lockdown began.
“March 31st was a record day for the volume of trades on PPL," said Susan Jakobek, managing director of PPL. "All the statistics show that usage and adoption are growing at pace.
"Even more importantly, the experience is proving to be positive with brokers commenting on the good response times from underwriters, and more brokers starting the process from quote.
Jakobek noted that "collaboration has got us to where we are today. The market built this platform and it is great that it can support everyone in these extraordinary times.”
Earlier this week, re/insurance broker Aon urged Lloyd’s of London and International Underwriting Association (IUA) markets to electronically bind treaty placements from 1 April renewals onwards, using its new bind feature on its electronic trading portal, ABConnect Placements.
