Following the release of AM Best’s report, which highlighted the benefits of the shift to doing business electronically for insurers in the London market, Lloyd’s of London has rolled out a new electronic solutions: its application programme interface (API), available immediately.
Its latest offering enables the flow of electronic placement data for submissions and quotes between carriers and brokers using PPL (Placing Platform Limited), or any other proprietary platform.
“This is an exciting new development that will enhance and simplify the flow of electronic placement data across the market, as we continue to progress the development of the next generation version of PPL,” commented Jennifer Rigby, Chief Operations Officer at Lloyd’s and Executive Sponsor of the Future at Lloyd’s. “At Lloyd’s we want to make digital solutions that deliver better outcomes for our customers in a way that benefits the entire market. We are committed to sharing these benefits as quickly as possible using an open source framework that engenders even greater collaboration and engagement across the Lloyd’s ecosystem.”
Elsewhere, insurance firm AEGIS London has announced that its online quote-and-bind platform Opal generated more than US$5 million of net premium in May.
“These latest Opal numbers vindicate our strategy of exploring the benefits of electronic trading and distribution. Opal and PPL are currently the two key planks of this strategy, but our aim is to broaden our distribution and user-base further,” said Tom Squires, AEGIS London’s Digital Trading Head. “I think it’s fair to say that this year has seen the London market enter a new world of electronic trading and we intend to maximise the benefits we can gain from it.”