Lloyd's makes its choice

IBM has been appointed to deliver the Lloyd’s Exchange pilot, a system that will allow market participants to transfer risk information to each other using electronic messaging standards.

This will remove the need to maintain multiple connections and ensure one standard is enforced.

IBM’s selection is subject to contracts being signed. IBM and Lloyd’s are working together to agree commercial terms.

Sue Langley, director of market operations and North America at Lloyd’s, said: “The Lloyd’s Exchange, which will be based on a tried-and-tested solution as opposed to a purpose-built product, will allow organisations in the market to communicate with each other via one connection. It will use an Association for Co-operative Operations Research and Development (ACORD) data standard.”

She said ACORD was the thread running through all the projects as Lloyd’s strove to deliver clear information standards that supported day-to-day business.