Electronic messaging is IT revolution for market
Lloyd's has selected IBM to deliver the Lloyd's Exchange pilot.
The Exchange will allow market participants to transfer risk information to each other using electronic messaging standards.
This will remove the need to maintain multiple connections with other parties and suppliers in the market and ensure that one standard is enforced.
IBM was selected after a comprehensive selection process. This decision is subject to contract signing and IBM and Lloyd's are working together to agree commercial terms.
Sue Langley, director, market operations & North America, 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, which will use an ACORD data standard.
"ACORD is the thread running through all the projects as Lloyd’s strives to deliver clear information standards along with a simple solution to carry the information around the market supporting day to day business."