Ebix says it is fully behind Lloyd’s efforts to mandate the use of electronic placing platform PPL, which is powered by the insurance technology provider’s know-how.

“This mandate by Lloyd’s could be a major step forward to further enhance the London market’s leadership and global reputation,” the company says.

“With this exchange, London will be the first and only commercial insurance market globally to implement electronic placing fully and mandate its usage across the marketplace.”

Ebix has been working closely with PPL to deploy various lines on the platform, while continuing to enhance the tool to meet the London market’s modernisation goals.

More than 15,000 risks have been bound on the PPL exchange – about 10% of the market’s total – since it was deployed in 2016.

Nearly 60% of financial and professional lines risks are now placed electronically.