LONDON INSURANCE MARKET SWITCHING TO ELECTRONIC TRADING

The use of a new electronic trading system for the London Specialist Insurance Market has shot up with the London Market Group revealing that almost 3,000 Policies were written on the system in June which double the volume of what was written the same time last year. Known as PPL, the system, which was introduced in 2016 was initially subject to slow adoption among underwriters and brokers who seemingly preferred to stick to paper based trading but a gentle push from outgoing Lloyd’s of London CEO Inga Beale back in February in which she outlined that the market would be gradually forced to use it seems to have prompted an uptick with figures for the second quarter of the year showing the system use has grown to 16%.

So far, over 40 brokers have signed up to PPL, with nearly halt of them now using the quote function right at the start of the Process, by using the Platform all through the value chain, Clients and brokers will reap the maximum benefit possible from the market-wide adoption of this innovative technology.

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