Placing Platform Limited (PPL), the electronic platform driving the London Market modernisation programme, has seen a major update go live today, it has been announced.
The update contains a new facilities functionality, over 20 market requests for change, and a number of performance, security and usability enhancements, PPL revealed.
The placing system, which went live in July, supports face-to-face negotiation between brokers and underwriters by speeding up underwriting response, broker turnaround and document production.
A core component in the London Market Target Operating Model modernisation programme, PPL is supported by three participant organisations: the International Underwriting Association (IUA); the London and International Insurance Brokers’ Association (LIIBA); and the Lloyd’s Market Association (LMA).
Today’s update contains the first phase of the carrier integration capability which takes the market “one step closer to straight through processing,” according to PPL.
“This release is what the market has been waiting for and we are very grateful for everyone’s patience,” chairman of the PPL Board, David Ledger, said in a statement.
“Guaranteeing the quality that the market expects and needs is of primary importance to everyone at PPL and the collaboration and participation of all the market firms, both brokers and underwriters, has been vital in achieving the delivery of this release,” he commented.
“We do know from the encouraging response to market demonstrations of the release that it delivers real improvements to users, and we are confident that it is deserving of a wider market take up.”
Related stories:
LMG chair extends term
RSA starts trading on London market platform
