LONDON, May 22, 2015 (GLOBE NEWSWIRE) -- The Board of Placing Platform Limited (PPL Board), on behalf of IUA, LIIBA and LMA, is continuing to develop a proposal for a utility placing service for the market.
As the result of a comprehensive tender exercise, with quality assurance provided by Accenture, the PPL Board has selected Ebix Inc. (Nasdaq:EBIX) as its preferred software supplier. The tender involved a comprehensive review of the market wide requirements for electronic support for placing. The proposed service will be a key component of the modernized London market envisaged in LMG's Target Operating Model.
PPL has presented its high level proposal to the Boards of IUA, LIIBA and LMA. All three gave their broad support for the concept. Work is now underway to position the platform ready for a launch later in 2015 and this includes:
- finalizing the contractual agreement with Ebix;
- prioritizing and implementing underwriter and broker defined enhancements and establishing a clear roadmap for further enhancements thereafter; and
- developing a comprehensive implementation and resource plan to ensure rapid adoption of the platform.
In order to secure sign up by firms to the service, the PPL Board will make a prospectus available covering details of the platform and its proposed use, terms and conditions, costs and other key areas of information.
Initial implementation is likely to be in the terrorism sector followed by a structured roll out across other classes. PPL is currently in discussion with an initial group of operations experts and practitioners nominated by Board members to support this process. It will seek to involve additional groups of experts as implementation progresses to ensure that the platform is designed by the market for the market.
The Board of Placing Platform Limited:
David Ledger - Aon (Chair)
Victoria Davison - Marsh
Simon Gaffney - Willis
David Hough - LIIBA
Adam Rushin - Hiscox
Kirk Maddern - Liberty Specialty Markets
Kevin Miller - Aspen
Lance Grant - ACE
In addition Nick Williams-Walker (JLT) and Shirine Khoury-Haq (Lloyd's) attend Board meetings as observers.
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry.
With 40+ offices across Brazil, Singapore, Australia, the US, UK, New Zealand, India and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of insurance and technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company's website at www.ebix.com