RSA starts trading professional indemnity and financial risks on Placing Platform Ltd (PPL) in a continued commitment to deliver more effectively for customers and brokers
Leading 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. RSA’s marine underwriters will begin trading via the electronic platform during Q2.
Hayley Robinson, managing director of Global Risk Solutions at RSA, said:
“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.”
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."
Making it easier for brokers and customers
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.
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 6th March.
Property and casualty is scheduled to become available for trading during H2 along with further technical enhancements and improvements to current lines.
PPL was rolled out as part of the market modernisation programme 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.
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