A group of London broking companies that account for more than 80% of business placed in the city’s market have committed to placing insurance deals electronically on a platform powered by Ebix.

Executives representing the 16 businesses signed the commitment through the London & International Insurance Brokers’ Association board.

“Firms have come to recognise that we can best achieve volume take-up by coalescing around a common piece of infrastructure,” the executives say in an open letter. 

Using the Placing Platform Limited electronic system will help realise the London Market Group’s (LMG) vision for a “quicker, error-free placement process delivering improved client service”, they say.

US-based Ebix, a global insurance software provider, says it is on target to introduce the service on January 1. The company also operates Sunrise Exchange, the Australian industry’s largest trading platform, and provides a range of other software products and services.

The platform is a key component of LMG’s bid to modernise the London market, which faces challenges to its dominance as the global insurance hub.