PPL Next-Gen Electronic Trading Platform Revolutionizes the London Insurance Market

The London insurance market’s electronic trading platform, PPL Next Gen, has finally been opened for placements to the entire market. This comes after a four-week period of limited access, during which market firms completed training and preparation activities. The platform was also tested during this time to ensure that any “teething issues” were resolved before it was extended to the broader market. PPL’s management noted that no significant problems were found during this period.

With this latest development, all market businesses that have signed Market User Agreements (MUAs) with PPL now have access to the platform to begin trading on their cut-over date. The cut-over date refers to the date on which the business has elected to start moving their business from the original PPL v3 platform to PPL Next Gen.

Objectives of the Next Gen Platform

The Next Gen platform aims to improve on the original PPL single market solution for electronic placing, which allows brokers and insurers to quote, negotiate and bind business electronically. This new platform is expected to make electronic trading more efficient, faster and easier for all market participants. It will streamline the end-to-end process of placing business electronically, reducing the time it takes to complete transactions and improving the quality of data.

Delays in Launch

The leaders had initially been confident that the next stage of PPL would be delivered last year. However, a launch date in September 2022 had to be pushed back for reassessment after it became clear that some elements would not be ready in time. The Board of PPL later confirmed February 20, 2023 as the new launch date.

Once again, it seems that some factors in the launch took longer than anticipated to finalize, meaning the platform was delayed in going to the market by another two weeks. Despite these delays, PPL management is confident that the platform is now ready for widespread market adoption.

Market adoption

Since PPL Next Gen went live on March 6th, market businesses have been completing their training programs, according to Gordon, PPL’s management. Additionally, they have been using what is called a “pathfinder placement” to exercise the platform and iron out any teething issues. He noted that nothing significant has been reported, and they are now in a good position to move to broad market adoption.

The months spent working to get PPL Next Gen to this stage have been challenging, as the London insurance market has been in a state of constant evolution. Now that the platform has effectively been handed to the market, businesses can finally reap the benefits it offers.

The launch of PPL Next Gen marks a significant milestone in the London insurance market’s push towards more efficient and streamlined electronic trading. The new platform is expected to revolutionize the way insurers and brokers carry out business transactions, significantly reducing transaction time and improving the quality of data. Despite the challenges faced in the lead-up to the platform going live, PPL management is confident that the platform is now ready for broad market adoption. Businesses can now look forward to a more efficient and streamlined process for placing their business electronically.

Explore more

Can Federal Lands Power the Future of AI Infrastructure?

I’m thrilled to sit down with Dominic Jainy, an esteemed IT professional whose deep knowledge of artificial intelligence, machine learning, and blockchain offers a unique perspective on the intersection of technology and federal policy. Today, we’re diving into the US Department of Energy’s ambitious plan to develop a data center at the Savannah River Site in South Carolina. Our conversation

Can Your Mouse Secretly Eavesdrop on Conversations?

In an age where technology permeates every aspect of daily life, the notion that a seemingly harmless device like a computer mouse could pose a privacy threat is startling, raising urgent questions about the security of modern hardware. Picture a high-end optical mouse, designed for precision in gaming or design work, sitting quietly on a desk. What if this device,

Building the Case for EDI in Dynamics 365 Efficiency

In today’s fast-paced business environment, organizations leveraging Microsoft Dynamics 365 Finance & Supply Chain Management (F&SCM) are increasingly faced with the challenge of optimizing their operations to stay competitive, especially when manual processes slow down critical workflows like order processing and invoicing, which can severely impact efficiency. The inefficiencies stemming from outdated methods not only drain resources but also risk

Structured Data Boosts AI Snippets and Search Visibility

In the fast-paced digital arena where search engines are increasingly powered by artificial intelligence, standing out amidst the vast online content is a formidable challenge for any website. AI-driven systems like ChatGPT, Perplexity, and Google AI Mode are redefining how information is retrieved and presented to users, moving beyond traditional keyword searches to dynamic, conversational summaries. At the heart of

How Is Oracle Boosting Cloud Power with AMD and Nvidia?

In an era where artificial intelligence is reshaping industries at an unprecedented pace, the demand for robust cloud infrastructure has never been more critical, and Oracle is stepping up to meet this challenge head-on with strategic alliances that promise to redefine its position in the market. As enterprises increasingly rely on AI-driven solutions for everything from data analytics to generative