Lloyd’s PPL hits 50,000 bind overs in ‘watershed moment’
Lloyd’s of London PPL board declared a “watershed moment” as it reported that more than 50,000 risks have been confirmed covered on the digital PPL system.
Close to 12,500 risks were covered in the last three months, which shows the “breadth and depth of adoption” across the market, the board said.
Bronek Masojada, PPL board chair, said: "This is another watershed moment for the market and its adoption of electronic placement. We have more business partners digitally transferring more risks across more risk classes than ever before. The market is making a tremendous investment of time and energy to come together in one place and deliver a more efficient and improved service to our clients.
“This milestone comes hard on the heels of the sign-up of a significant number of brokers, over 100 Liiba members, and the announcement that Lloyd’s has set its targets for the percentage of business that should be placed electronically from quotation.
All of these are key components in ensuring that we are building a platform which moves documents and data through all risk classes in the market at every stage of the value chain.”
Masojada said that the vast majority of the board’s efforts in the 12 months ahead will focus on making the platform easier to use and more effective. “We will do this by delivering structured customer service and agreed platform updates.”
Earlier this week, Lloyd’s CEO John Neal confirmed he would be the interim sponsor of modernisation programme the London Market Target Operating Model (LM TOM) after the departure of Shirine Khoury-Haq, COO of Lloyd’s. PPL is a major part of this transformation.
Market evolution was a key theme when Lloyd’s published their 2018 annual results. Although the insurance market had made losses of £1 billion, this was an improvement from 2017 when it lost £2 billion. But Jon Hancock, Lloyd’s performance management director, said the world is changing and “Lloyd’s must change with it”, adding “we have to redefine the purpose of Lloyd’s”.
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