As the pressure continues to quicken the pace of London insurance market’s digital transformation, driven by Lloyd’s ambitious Blueprint Two plan and the market’s strong growth forecast, brokers are increasingly in search of the swiftest route to market through electronic placement (EP).
And with more business flowing through the market’s competitive EP systems than ever before, the ability for users to rapidly and intuitively navigate and engage with these platforms is paramount.
Patrick Tiernan, Lloyd’s chief of markets, envisions a record-breaking £60 billion in Gross Written Premiums (GWP) for 2024, representing an impressive 11% increase from the previous year. Digital trading through EP systems is a critical strategy to support brokers and underwriters in maintaining position on the racing line and capitalising on market momentum efficiently.
EP users want to hit the accelerator straight from the starting grid, without having to navigate hours of training simply to access a clunky and inaccessible platform that will leave them languishing in the garages or making unnecessary pit stops when all they yearn for is the chequered flag of a completed placement within hours, not days.
Ok fine, that’s enough of the racing metaphors, you get the idea.
The summary is simple: now the feedback is tumbling in from users of PlacingHub, which went live in January, one of the defining features we are hearing about time and again is its focus on speed and efficiency.
Streamlined navigation and minimised workflow steps are essential. PlacingHub addresses these needs head-on, offering a dynamic user interface that ensures a seamless experience across devices. From submission and quote to bind and endorsement, every stage of the placement lifecycle is optimised for speed and ease of use.
Moreover, PlacingHub doesn’t just stop at providing fast market access; it also prioritises data visibility and integration. By centralising information and offering seamless integration with third-party systems, PlacingHub empowers brokers and carriers to make informed decisions swiftly. In a market where information is currency, this feature becomes a game-changer, enabling stakeholders to stay ahead of the field.
While the competition in the EP market is heating up, we’ve been delighted to hear from users that PlacingHub is maintaining its edge by prioritising reliability, user experience and speed.
Feedback so far underscores the platform’s intuitive nature, with many expressing the ability to navigate the system effortlessly from day one with minimal training. Some of our users have even placed business with no training at all, which we don’t actually recommend, so despite its highly intuitive user experience, Ebix Europe remains committed to providing comprehensive training to ensure PlacingHub users maximise its capabilities!
As Lloyd’s gears up for unprecedented growth, the importance of intuitive, robust, integrated systems that support the need for speed cannot be overstated. Brokers and underwriters seeking to capitalise on emerging opportunities must embrace digital transformation wholeheartedly and join the 200 MPH Club.
With PlacingHub as their ally, they can navigate the intricacies of the London market with agility and precision, hitting every apex to perfection and accelerating towards a future of success and prosperity. And just like a well-tuned racing car speeding towards the finish, PlacingHub ensures they’re always ahead of the pack.