CGI frontrunner to build complex risk platform
CGI has emerged as the frontrunner to build the next version of PPL, which will eventually form the basis of Lloyd’s complex risk platform.
It is understood that the Canadian technology consultant and outsourcing firm has been working with PPL for an initial period of exclusivity to determine its suitability, before a final decision on who is awarded the contract is made in September.
The incumbent developer of PPL, Ebix, still has a contract to support the current platform through to the end of 2021.
Developing the complex risk platform is one of the key pillars of John Neal’s ambitious Future at Lloyd’s proposal to modernise the market.
CGI was one of six firms invited to submit proposals for developing the platform at the beginning of the year, along with Ebix, Accenture, Capgemini, Cognizant and Wipro.
The ambition for the complex risk platform is to develop a data-first technology platform to enable the efficient sourcing and placing of complex risks, using common data sets and standards to improve the negotiation process.
According to the Future at Lloyd’s Blueprint One: “It will sustain Lloyd’s as the go-to marketplace globally for complex risks and support the market’s evolution from a document-first, to a document-plus-data world, and eventually to a data-first world.”
Improving the Lloyd’s market’s use of technology and encouraging e-placement has been a major priority of the Corporation, as the market developed a reputation for being slow to adopt new technology and relying on inefficient and outdated ways of doing business.
Lloyd’s carriers are mandated to use electronic trading platforms for a minimum number of risks and have repeatedly exceeded the targets set by the Corporation. The mandate has now been extended to brokers.
The uptake of e-trading has been boosted by lockdown measures, which forced the underwriting room to close and left the majority of brokers and underwriters in the London market working remotely.
PPL usage hit record highs at the end of the second quarter with a surge in usage for July renewals.
PPL declined to comment.