In the London insurance market, choosing the right placing platform to fit your business model and needs is an important decision.
We’ve been speaking to our clients to understand which placing platforms they are using and why. This article also outlines what’s coming up to consider too!
Key Players
1. Whitespace:
21 out of 31 of our Lloyd’s broker customers are currently using Whitespace.
Known for its robust templates for contract building and early API integration, Whitespace is favoured for its comprehensive approach to structured data and ease of use.
One customer mentioned they had started using Whitespace as well as PPL due to carrier demand and the great templates for MRCv3.
Whitespace, along with Ebix, are the longest running platforms.
2. PPL (Placing Platform Limited):
According to PPL, 200 brokers have adopted PPL (compared to 100 Whitespace) making it a strong competitor in the market.
However, only 4 out of our 31 Lloyd’s broker customers said they are using PPL.
PPL had to catch up on the API integrations that Whitespace launched with, but now provides this capability.
PPL are collaborating with Artificial to enhance their contract building capabilities. They are continuously evolving to meet modern demands.
3. Ebix:
Currently none of our customers who responded to our research enquiry are using Ebix. However a number mentioned that they liked the Ebix demo and their users are asking for it back.
Ebix previously supported PPL before launching their Placing HUB after the decommissioning of the old platform.
Ebix are building their template for contract building, this isn’t live just yet.
Although Ebix also had to catch up on the API integrations that Whitespace launched with, like PPL they also now have the integrations, ensuring seamless operations.
Key Considerations – summary
– API Integrations: All three platforms now offer API integrations, essential for smooth data exchange and efficiency.
– Contract Building: Whitespace currently leads with established templates, while PPL and Ebix are rapidly developing their solutions.
– Cost and Usability: Cost has been the main driver in customer responses for who they have chosen as well as ease of use.
Looking Ahead
We’re looking forward to ACORD’s Licensed Integrator Partner (LIP) session on 27th June to hear about using their Adept gateway to integrate with any of the providers.
This all ties in to Blueprint Two Phase 2 when the market will be trading in structured data supported by documents, as opposed to the other way around today.
Conclusion
Selecting the right placing platform involves evaluating several factors, including existing integrations, contract building capabilities, and overall cost and usability.
There isn’t necessarily a clear winner or one size that fits all!
But it is worth reviewing and reassessing your current systems regularly to make sure they meet your needs and continue to give you the competitive advantage.
gpm create the kind of software you actually want to use. Intuitive, easy-to-deploy, market-leading cloud-based insurance broking solutions that take care of your contracts.
Contact gpm today and discover the right cloud-based solution for your business.