With brokers also being mandated from June 2019, we should be seeing a huge rise in electronically placed risks and quotes. However, whilst PPL is the market solution, it is permissible to use other approved solutions, meaning multiple electronic channels for both brokers and underwriters. Will you be electing to use PPL? Is your back-office software provider offering you an integrated option?
To support electronic risk placement adoption across the market, Lloyd’s brokers will be required to connect to a recognised electronic placement platform by 1 June 2019. Lloyd’s will be working closely with LIIBA to achieve this. Lloyd’s Chief Operating Officer, Shirine Khoury-Haq, said: “Since we implemented this mandate across the Lloyd’s market, we’ve seen a marked increase in the adoption of electronic trading, which is fast-tracking our transformation. The latest developments, including quote targets and the Lloyd’s broker requirement, are essential next steps in our journey to digitise our market and to provide the best possible service to our clients. I am thankful to have so much support across the broking community and LIIBA in these efforts.”