Hiscox's Masojada takes PPL Chair
Bronek Masojada, Chief Executive of Hiscox, has been appointed as the new Chair of Placing Platform Limited (PPL), the London Market's electronic placing platform.
PPL, which allows brokers and insurers to quote, negotiate, bind and endorse business digitally, already has nearly 5,000 users configured on the platform and supports several lines of business including terrorism, marine, casualty and property.
Hiscox's CEO said his aim was to help increase the amount of business done over PPL. “Our ambition is to drive adoption from 15% to 80% of London risks," he said. "We will be working with the broking and underwriting communities to hit this target. I ask all those interested in the long-term success of London to identify and get on with what they can do to achieve this, rather than enjoying the spectator sport of watching others fail.
“I remain unapologetically a champion of our efforts through PPL, and other London Market Target Operating Model initiatives, because their successful implementation will mean that we are getting the right data at the front end of the placement process and then the critical structured data at the end. It is this data – and the removal of slow, expensive paper-based processes – that will support ongoing face-to-face negotiations where it matters and help to ensure the future competitiveness of the London Market.”