‘Major milestone’ for Lloyd’s and London market as PPL ‘Next Gen’ goes live

Insurance and reinsurance marketplace  Lloyd’s of London’s electronic placement system PPL has officially launched its ‘Next Gen’ platform after multiple  delays to its roll-out – marking a “major milestone” for the London market in its digitalisation journey.

The Placing Platform Limited Next Gen platform went live Monday, March 06.

The Next Gen PPL was expected to be available in September but missed its “ambitious” launch date target on plans to “reassess” as some elements of the platform were not ready in time for the launch. An updated timeline for the roll out to the market was then set to February 2023, but was further delayed by two weeks.

“It’s been a long journey for PPL to get to this point,” said Joe Gordon, CEO of Placing Platform Limited. “We thank our partners across the market for their continued support throughout that period.”

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.

Gordon said it is a “major milestone for PPL and for the London market, and a significant step forward on the market’s journey towards digital operation.

“By design, transaction volumes will be low during the first few weeks, allowing market firms to complete training and preparations, and brokers to upload facilities and risks, in preparation for volume trading from the start of April.”

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