International insurer RSA has begun trading on the London insurance market’s electronic placing platform, PPL (Placing Platform Ltd.), which enables brokers and underwriters to quote, negotiate, bind and endorse business using one market-wide system.
RSA’s Profin underwriting team is now trading professional indemnity and financial risks with brokers using PPL, said RSA in a statement. RSA’s marine underwriters will begin trading via the electronic platform during the second quarter.
“RSA is excited to be joining PPL and to be embracing the digital innovation that will help us deliver more effectively for our customers and brokers,” said Hayley Robinson, managing director of Global Risk Solutions at RSA.
David Ledger, chairman of PPL, said: “We’re delighted to welcome RSA on board as a new user of PPL. By achieving critical mass of the market online, London will be making progress in becoming a more efficient place to do business.”
The electronic platform launched in July 2016 with the aim of reducing duplication of work, excessive administration, and the scope for human error, by providing a shared platform for brokers and underwriters, explained RSA in a statement.
Terrorism was the first insurance risk to be traded via PPL, with financial and professional lines going live in November 2016. Marine is the latest line to have gone live, with trading beginning on March 6. Property & casualty is scheduled to become available for trading in the second half of 2017 along with further technical enhancements and improvements to current lines.
PPL was rolled out as part of the market modernization program, known as the London market TOM (Target Operating Model), led by the London Market Group. The fundamental objective of TOM is to make the London insurance market an easier, faster and ultimately more competitive place in which to do business, said RSA.
Source: RSA Insurance Group
Related:
- London Market’s Placing Platform, PPL, Expands Offering with Marine Lines
- London Market’s Electronic Placing Platform Binds 1st Standalone Terrorism Risk
- London Market’s Electronic Placing Platform Begins Trading Terrorism Risks
Topics London
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