Lloyd’s PPL next-gen platform coming in 2022, confirms Bronek Masojada
Insurance and reinsurance marketplace Lloyd’s of London has seen a significant spike in the use of digital placing platform PPL over the last two years. PPL chairman Bronek Masojada (pictured) is “confident” to bring its next-gen platform in 2022, that he believes will further accelerate the digital transformation of the market.
PPL 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.
PPL's next generation platform will be delivered in 2022, according to Masojada, who also revealed that nearly 400 firms are active on the platform and there are 3.3 million broker to stamp connections, demonstrating how interconnected the platform is.
“The market deserves a victory roll for its adoption of e-placement so far,” said Masojada. “But the market wants and deserves a platform that can help it deliver on its ambition to be digital and that is what the next generation of PPL will do. It will take the market to digital closing of contracts and digital exchange of information.”
“Adoption of all new initiatives across the London Market is a step by step process and this will be no different,” explained Masojada. “We have no data now, and for sure we won’t deliver everything a perfectionist would like in version 1, but we will be working with Lloyd’s and the market to deliver the Core Data Record.”
He admitted that although 2021 was a “successful” year for growing usage of the platform, it had to navigate some build difficulties with NextGen which took some time to resolve.
“But progress is being made and the teams are working hard to catch up and we are confident that we will deliver the first version in 2022,” Masojada said, noting that the exact dates will be agreed with the market so that it is timed with “quieter” months for renewals.
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