20 London organisations onboard for IBM project to revolutionise information sharing
Lloyd’s today revealed detailed plans for its Exchange pilot, which aims to revolutionise the way information is shared in the London market.
Exchange has 20 London market organisations committed to the phase 1 of the pilot, which is likely to be launched this month.
57 other organisations from the insurance industry are exploring whether to enter the pilot scheme, which will be delivered through four phases, each lasting three months.
Sue Langley, director, market operations & North America, did not put any figures on how much the pilot, which is being delivered by IBM, would cost.
But she told a packed audience at the Old Library in Llodyd's that the amounts being discussed were ‘modest’.
If successful, the Exchange will allow brokers, insurers and back office departments to share information to one standard. If the information is not up to the standard, the Exchange software system will reject or accept the information according to the standards of the Association for Cooperative Operations Research and Development (ACORD).
Lloyds chief executive Richard Ward said it was an ‘exciting opportunity’ and it was ‘important’ for the market.
Hiscox chief executive Bronek Masojada said there was international interest in Exchange in places such as Bermuda and the system could be emulated elsewhere in the world.
Masojada said: “Lloyd’s is the 600 pound gorilla, and if it can get it right, it will spread.”