Lloyd’s has launched a new application programme interface (API) which has been designed to support the ability for brokers and underwriters to place business electronically.
The launch, which is part of the Future at Lloyd’s, progresses the work on developing the next generation of PPL. The new API is available immediately and will enable the frictionless flow of electronic placement data for submissions and quotes between carriers and brokers using either PPL or any other proprietary platform.
It has been revealed Atrium Underwriting will be the first to adopt the new API, which was developed by Lloyd’s in collaboration with PPL and LIMOSS as well as several other Lloyd’s brokers and underwriters.
Lloyd’s said APIs are vital for improving the flow of digital data around the market. “They benefit brokers and carriers by enabling them to work from their own systems, reducing the need for double entry of data and documents”.
Jennifer Rigby, Chief Operations Officer and Executive Sponsor of the Future at Lloyd’s, said: “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. 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.”
Susan Jakobek, Managing Director of Placing Platform Limited, said: “The ability to share data is one of the core components in enhancing PPL and increasing adoption across the market. This development has been a tremendous collaborative effort. The result is that, when the API is implemented by a market firm, it will be possible to drive PPL entirely from their own systems without using the platform’s user interface for Submission & Quote. Next we will move on to look at Firm Order.”
Justin Emrich, Chief Information Officer at Atrium, added: “With this development we have the opportunity to significantly streamline the process of taking in business through all the various stages starting with Submission to Quote, from a single user interface. Our vision is to deliver a single screen for underwriters with no logging in, no copying and pasting, no duplicate or manual entry, everything inter-connected from within the Atrium software ecosystem.”