Has PPL NextGen been money well spent? Q&A with Ebix Europe’s James Pring

Has the money spent so far on PPL Next Gen been, on balance, well spent?

Independent market research estimates PPL NextGen had cost the market circa £70m by the end of 2023 and it has continued to burn significant amounts of development resource in 2024. It is, therefore, the single most expensive trading platform developed by the market since Lloyd’s shut down its failed Kinnect platform almost two decades ago. PPL is extremely poor value for the market - it has cost a fortune to develop, it is expensive to use and continues to deliver a very poor user experience in exchange for promises of future improvement and vague, ill-defined ambitions for data-first trading. The cutover to NextGen in late 2023 was very poorly received, and came within a hair’s breadth of destroying electronic placement in London completely and, although some minor improvements have been made during 2024, the situation is still viewed as sub-standard. It is only because of competing platforms, such as PlacingHub, offering market participants a viable alternative that many of them have not reverted to wet stamping permanently.

Is it a fair and reasonable way to treat the London market’s desire/needs for choice?

No, I don’t think that driving tens of millions in investment towards one favoured platform that has consistently failed to deliver on its promises benefits the market’s desire for choice, but that is a moot point. This is not about being anti-competition; it’s about using the market’s money wisely and pushing the entire industry towards better functionality and accountability. The London market thrives on competition and choice, driving innovation, and if the market’s centrally-funded platform continues to fail to deliver, then market participants who do not wish to support that with their hard-earned profits now have the choice to move to platforms that do deliver. And that’s good for them and good for the market.

What’s the market feedback on functions such as facilities placements and renewals?

The feedback on PlacingHub’s facilities placements and renewals has been overwhelmingly positive. These functions are critical and their online performance, particularly during peak periods, is vital to enable users to rapidly place complex business in a challenging and competitive environment. Our platform is designed to reduce the time and effort required for these tasks - the efficiency and reliability of these features are what set PlacingHub apart, as they directly address the market’s need for streamlined, hassle-free placing functionality.

How critical are these functions for overall success?

Facilities placements and renewals are absolutely critical for the success of any London market electronic placement platform. They represent the core, critical functionality that brokers and underwriters rely on and must work smoothly and rapidly, especially during high-pressure trading periods. Without robust and efficient handling of these processes, no platform can possibly claim to meet the demands of the market. PlacingHub prioritises these functions, ensuring they operate smoothly and effectively, which is essential for its overall success.

What does future-proofing a platform look like?

Future-proofing a platform involves designing it to adapt to evolving market needs and technological advancements. For PlacingHub, this means embracing a data-first approach by providing comprehensive API integration and 100% flexible and configurable contract templates, and continuously responding to feedback from users to enhance functionality. By focusing on flexibility and innovation, we ensure that PlacingHub remains relevant and effective in the face of future challenges.

What measures need to be taken to align with Blueprint 2?

PlacingHub is committed to the principles, protocols and standards for integration with Blueprint 2 and our DataFirst suite is able to gather, validate and submit all of the necessary CDR data as required.,As such, we ensure that PlacingHub supports the broader goals of modernisation and efficiency in the London market.

How important is human expertise and support for a platform?

Human expertise is vital for the success of any electronic placement platform. With our long history of supporting tens of thousands of users on the London Market’s electronic placement journey since 2016, we have always placed support and human expertise at the top of our priority list. While the technology plays a critical role, of course, the ability to navigate complex placements and provide expert personalised support is what truly enhances user experience. At Ebix Europe, we combine cutting-edge technology with dedicated support and training, ensuring that our users have access to both advanced tools and expert guidance.

What is the feedback from the market on this point?

Customers have been extremely pleased with the PlacingHub experience and hugely grateful for the professional and timely support they receive from our helpdesk and training teams. They value the rapid online response times the platform offers, together with its ability to handle complex facilities and renewals with ease. And if they don’t know how to do something, a quick call to the experts on the helpdesk solves that in minutes. This combination of technology and human expertise is what makes PlacingHub a trusted platform in the market.

James Pring is sales director at Ebix Europe.