Lockton binds first risks on new PPL ‘Next Gen’ with Markel
Following its much anticipated launch Monday, March 06, Lloyd's new electronic Placing Platform (PPL) ‘Next Gen’ has been utilised to place the first risks by reinsurance broker Lockton, with Markel International as first underwriter.
The first risk was placed by Lockton’s Profin team; 100% underwritten by Duncan Sinnott of Markel International.
The 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.
Carl Smith, head of Europe Operations and Transformation at Lockton said: “We have been closely involved with the testing of Next Gen and were delighted to bind the first risk on the platform. We were involved at an early stage because Lockton recognise that Next Gen will change the dynamics of the placing process, by helping us to move to a ‘digital first’ approach to placing risks.”
“Congratulations to all involved in the milestone risk placement, and particularly to everyone at PPL, who have worked hard to get the new platform live. Having now placed risks on it, we can see Next Gen is an intuitive and user-friendly platform that represents a step change for the London insurance market.”
Carys Lawton-Bryce, chief operating officer at Markel International, added: “‘As part of Markel’s drive to make it easier for our broking partners to trade with us, this year we’ve committed to taking things up a few gears when it comes to innovation. This means we’re seizing opportunities to work with pioneering companies like PPL and to get involved with progressive digital platforms like Next Gen.
“To have our very own underwriter, Duncan, as the first underwriter to place a risk on this platform says a lot about how we’re tracking against our innovation goals and we’re only in March! We look forward to continuing our relationship with PPL and to leveraging this platform, to make doing business with Markel a faster and better experience.”
Joe Gordon, CEO of Placing Platform Limited said: “Another pleasing milestone achieved. Thank you and congratulations to Lockton and Markel International who were first out of the traps with Next Gen.”
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