LONDON; Oct. 27, 2014 – Placing Platform Limited (PPL), formed by the International Underwriting Association (IUA), Lloyd’s Market Association (LMA) and the London and International Insurance Brokers’ Association (LIIBA), has signed an agreement with Accenture (NYSE: ACN) under which Accenture will help design and manage PPL’s tender process to select a placing technology platform vendor.
PPL was formed in 2013 by IUA, LMA and LIIBA to provide the London insurance market with a common electronic platform to enhance the placing process for insurers and brokers.
Accenture will provide quality assurance support to help PPL design and manage the overall tender process, including production of required tender documentation to standard transparency and objectivity principles, briefings of potential suppliers and development of the evaluation criteria.
“PPL was set up by the Associations to explore the possibility of the London market coalescing around a single electronic platform to support the placing process,” said David Ledger, Chair of the Board, Placing Platform Limited. “Choosing the right technology is one of our most important tasks, so we want to ensure that we have the appropriate tender process in place to select the supplier that can best support our ambition. We chose Accenture to help us with this assignment due to its understanding of our needs, its deep industry expertise and global track record in procurement services.”
“Through PPL, London has the opportunity to become a global reference in the placement process space,” said Max Richter, a managing director in Accenture’s Financial Services group in the United Kingdom. “We are proud to work with PPL in this pioneering project, and help the company achieve its ambition by selecting the best possible technology.”
Accenture is a global management consulting, technology services and outsourcing company, with more than 305,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com.
About Placing Platform Limited
Placing Platform Limited (PPL) is a company limited by guarantee whose three members are International Underwriting Association (IUA), Lloyd’s Market Association (LMA) and the London and International Insurance Brokers’ Association (LIIBA).
As a result of a number of broker firms indicating their intention to coalesce around a single electronic “platform”, PPL was formed with full support from both broker and insurer firms. PPL has been charged with establishing a market level relationship with a provider for the provision, governance and management of this platform.
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