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More than 100 members of the London & International Insurance Brokers’ Association (LIIBA) have now committed to embracing the electronic route via PPL (Placing Platform Limited).
That was according to LIIBA’s board, whose announcement cited growing market-wide momentum when it comes to electronic placement adoption.
“Brokers are embracing e-placement with increasing enthusiasm and we are seeing that reflected in the number of broking businesses who have agreed terms to go on PPL,” said LIIBA chief executive Christopher Croft. “This has been a concerted effort across the teams here at LIIBA and PPL so that brokers have time to get on to the platform before the Lloyd’s deadline of June 01, 2019.
“We are seeing more risks placed by more brokers across more risk classes – all strong evidence that electronic placement is being adopted more widely. A year ago, only six brokers were on PPL, today we have over 50 who are active on the platform.”
Croft cited a significant increase in the last month, with the trade body expecting to report another milestone in the coming weeks.
“The top four brokers now only account for 42% of all risks placed – a clear indication that there is much greater traction across all sections of the market,” added the CEO.
