Placing Platform Limited (PPL), a provider of insurance placement technology, has introduced a new edition of its digital contract system, developed by Artificial.
The upgraded system is expected to reduce contract creation time by 50% and cut the time required to convert contracts to the MRCv3 standard by 75%, based on results from Artificial’s stand-alone system.
The enhanced digital contract capability allows template managers to create, edit, and manage contracts more efficiently, with improved control over template changes and usage.
Brokers benefit from single sign-on access with fully aligned user permissions, eliminating extra administrative overhead.
Contracts are structured in line with market standards, removing the need for manual data tagging and providing significantly more usable data for internal processes or sharing with market participants.
By acting as a single source of truth, the system removes duplicate data entry and other manual tasks, allowing brokers to focus on higher-value work. Additionally, pre-submission validation and data synchronisation catch potential issues early, improving contract accuracy and reducing exposure to errors and omissions risks.
Tanya Duckworth, Chief Product Officer of Placing Platform Limited, commented: “The move towards data-first trading continues to gain momentum, and brokers using PPL’s contract builder now have access to a more connected, seamless experience. The integration of digital contracts makes the process of creating, validating, and sharing compliant MRCs even faster, and more consistent without disrupting workflows.”
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