Lloyd's leading managing agents, G6, have today agreed to a new process using ACORD data standards which will ultimately allow the electronic transfer of risk-related data and documents between group members and four leading brokers in the Lloyd's market on a peer to peer basis.
The members of the G6 – Amlin, Beazley, Catlin, Hiscox, Kiln and Wellington – will be working closely with the Lloyd's Market Association (LMA) and others in Lloyd's over the next few weeks to ensure the details are made available to all market members. The brokers involved are Aon, Benfield, Marsh and Willis.
The new standard is being piloted by the G6, Aon and Benfield. The process utilises each participant's own electronic gateway and will support not replace the box process.
G6 Data Standards Group Chair and Chief Information Officer of Beazley, Dominic Shine, said: “This has been a fantastic collaborative effort between the G6 and the four leading brokers to agree a new process using ACORD data standards for the whole market in a very demanding timeframe.”
The initiative is one of a number being pursued by the G6 to improve the efficiency and effectiveness of the market, and aims to reduce manual processing and bring greater clarity to the placement of risk.
The potential exists to extend electronic transfer to other market processes, including accounting and settlement and claims.
