Lloyd’s takes 40% stake in digital placing platformFebruary 28 2020 by Yvonne Lau
Lloyd’s has released the first phase of its Blueprint One roadmap — which includes taking a 40% stake in the London market’s electronic placing platform (PPL) and announcing its inaugural risk exchange pilot programme.
PPL will be integrated into Lloyd’s new complex risk platform, while the risk exchange is a trial to test connecting broker and insurer e-trading portals. The first phase will commence in March this year.
Bronek Masojada, PPL board chair, chief executive of Hiscox and member of the Future at Lloyd’s global advisory committee, said: “The investment by Lloyd’s is a tangible demonstration of their commitment to building on the success that PPL has achieved so far. With over 70% of risks now being bound electronically, we clearly have critical mass and this investment will be used to enhance and industrialist the platform.”
Blueprint One is part of the Future at Lloyd’s initiative, and is a US$395 million senior debt-funded programme to drive digital, data and technology market solutions.
Phase one funding has been confirmed by Lloyd’s.
John Neal, Lloyd’s chief executive, commented: “We are now ready to start building the Future at Lloyd’s, having achieved three major objectives — securing finance, setting the governance structure and detailing the plan for the next 12 months and beyond.”
Neal added: “I’m excited about the opportunities the Future at Lloyd’s offers to our market, and grateful for its support as we move the ideas from strategy into reality.”
Its overarching 2020 priority is to create the necessary infrastructure for a digital ecosystem of the future — with a focus on “data and technology architecture, middle and back-office transformation, and lead/follow (modern syndication of risk).”
2021 priorities include new investment opportunities and efforts to change the workplace culture at Lloyd’s.
Last month, Lloyd’s announced an update to the Electronic Placement Mandate, increasing the target on risks bound for each quarter of 2020 to 80%.
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