AP Blog

By Guy Sansom, 05/27/2020
Ever since ship owners first started meeting at Edward Lloyd’s coffee house over 300 years ago, insurance in London, particularly Lloyd’s, has been conducted on a face-to-face basis. In truth, this has provided London underwriters and brokers a distinct advantage. No matter the size or complexity of a...
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By Cathy Knopf, 05/26/2020
The 2020 monthly webinars focus on best practice approaches, regulatory updates, operational and risk management techniques to help senior living communities better care for their residents and staff while protecting their business. We invite you to join our specialists at these upcoming exclusive...
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05/20/2020
Earlier this week, the Department of Health and Human Services (HHS) published finalized 2021 Benefit Payment Parameters with an $8,550 out-of-pocket maximum for self-only coverage and $17,100 for family coverage for health plans beginning in 2021. See the 5/14/2020 Federal Register publication here. Under the...
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By Alyssa Blake, CPRIA, 05/19/2020
When looking at coverage limits, you may question why your home’s value is so much higher than the current construction cost or that of purchasing a new home of like kind and quality. The difference between the market value and the insured value/reconstruction costs are due to the difference in costs that...
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By Ashley Johnson, Lisa Salter, 05/18/2020
While COVID-19 continues to impact our economy, business income coverage, sometimes referred to as business interruption coverage, has become a widely popular topic in the insurance industry. As many business owners struggle to keep their businesses afloat, several questions have emerged on how insurance policies...
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Under normal circumstances, maintaining appropriate nursing staff levels to deliver quality resident care is a daily struggle. Add in severe weather, flu outbreak or a pandemic and the scales are tipped. Traditionally, senior living healthcare communities shy away from utilizing agency nursing staff due to high...
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By Greg Stock, 05/12/2020
2020 has been a year the aviation community will not soon forget, and we’re not even halfway through. In January, we started hearing about something called the coronavirus, though even through February we weren’t entirely sure what to make of it. Then came March roaring in like a lion, tearing through...
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By Kelly Hagan, 05/06/2020
We are all looking forward to the day that we can reopen our businesses to our employees and customers following the COVID-19 virus. As we begin to think about bringing employees back to work, we need to consider how to re-onboard employees. While the decisions we make will include health and safety issues and...
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By Kristy Dickens, 05/05/2020
Even though your organization likely has always had the required Infection Control Program in place, your team had very little time to prepare for the rapid escalation of the COVID-19 outbreak. Many senior living communities have already encountered their first positive test result, but others have been fortunate...
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04/30/2020
The Department of Labor's (DOL's) Employee Benefits Security Administration (EBSA) issued deadline relief and other guidance under Title I of the Employee Retirement Income Security Act of 1974 (ERISA) to help employee benefit plans, plan participants and beneficiaries, employers and other plan sponsors,...
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Technology Changes, Even in London
05/27/2020

Ever since ship owners first started meeting at Edward Lloyd’s coffee house over 300 years ago, insurance in London, particularly Lloyd’s, has been conducted on a face-to-face basis.  In truth, this has provided London underwriters and brokers a distinct advantage.  No matter the size or complexity of a deal, face-to-face negotiations have always proved more fruitful.

In 2016, the London market launched an electronic platform called Placing Platform Limited (PPL). PPL is a not-for-profit company setup to create a single market solution for electronic placing that would allow brokers and insurers to quote, negotiate and bind business electronically. Since the first risk was bound on PPL in June 2016, the platform has expanded to cover almost all classes of risks placed in the Lloyd’s market, and is used by around 160 carriers and 165 broker firms. The PPL system was working well, which before the arrival of COVID-19, was to account for 80% of all transactions to be bound through PPL by the end of 2020. 

This all changed during the week commencing March 16, 2020, when the world changed as a result of the increasing threat posed by the coronavirus.  Various brokers and underwriters had, in the buildup to this week, been testing their respective disaster planning systems and started to put them into effect.  Lloyd’s then closed the trading floor at 16:00 hours on Thursday, March 19, 2020. All of sudden we were all working from home and getting used to a whole new world, and London had to find a way to make it work.

As we approach the end of May 2020, the video capability of applications such WhatsApp, MS Teams and Zoom has, for the most part, replaced face-to-face meetings but allowed virtual meetings to continue and, in most cases, without a blip. From a broking perspective, everyone has had to learn new skills such as reading people and situations over video and managing larger groups of contributors on such calls.  Likewise, the technical backup side is working with respective file sharing capabilities.  There will always be occasional glitches but overall it is working!

Will this new technological era in London work long-term? One thing is for sure - we would not have gotten to this position if we had tried to plan for it, but now that we are here, we need to take the opportunity to move towards a new, and better, way of doing business.

If you or your company have questions or concerns regarding PPL or London’s technology changes, you should speak with a professional right away.  AssuredPartners Transportation has London professionals who assist clients with all types of needs to ensure you are receiving the best service possible. To learn more, reach out to the AssuredPartners Transportation specialists