It will benefit brokers and carriers by allowing the frictionless flow of data
Lloyd’s has revealed that Atrium Underwriting Limited is the first firm to adopt its new application programme interface (API) in a bid to help London Market brokers and underwriters.
The API was developed by Lloyd’s in collaboration with placing platform limit (PPL) and London insurance market operations and strategic operations (LISMOSS) as well as several other brokers and underwriters.
It aims to simplify electronic placement for frictionless flow of data for submissions and quotes between carriers and brokers using Lloyd’s PPL or any other proprietary platform. This benefits brokers and carriers by enabling them to work from their own systems.
The purpose of LIMOSS is to source and operate services for the London Market, to steamline, modernise and automate insurance processes.
The new API is part of the Future of Lloyd’s initiative in developing the next generation of PPL.
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.”
Sharing data
Susan Jakobek, managing director of Placing Platform Limited, said that 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,” Jakobek, said.
Meanwhile, Justin Emrich, chief information officer at Atrium, said that 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.”
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