Cross-market support for initiative
The International Underwriting Association (IUA) has pledged its support for the new Lloyd's Exchange and will take part in the pilot which is due to start in early 2009.
David Matcham, chief executive of the IUA said: “The Lloyd's Exchange will be a big step forward and key to driving standards and modernising the London market, enabling brokers, managing agents and insurers to electronically exchange data to the ACORD standards more effectively. The IUA will be joining the pilot and, if successful, will be encouraging our members to engage when the full implementation occurs.”
David Gittings, chief executive of the Lloyd’s Market Association confirmed that the LMA has already pledged its full support for the Lloyd's Exchange. He said: “It is important that this is a cross-market imitative."
The London Market Insurance Brokers’ Committee also welcomed the move. The LMBC's chief executive David Hough said: "The LMBC is delighted that the Exchange now has genuine cross market support and we look forward to working with Lloyd's, the LMA and the IUA to ensure the pilot is successful.”
Sue Langley, director of market Operations and North America at Lloyd's welcomed the Market’s support for the Lloyd's Exchange: “We are delighted that the whole market is supporting the Lloyd's Exchange. We look forward to working closely with them on the pilot and the backing of the communities will play a key part in making this work," she said.
The Lloyd's Exchange will be a simple messaging hub which will have two key aims - to remove the future need to maintain multiple connections with other parties in the market, and to ensure that one standard is enforced. Market participants will have the ability to exchange risk information electronically using the common ACORD data standards and it is anticipated that suppliers will connect to the exchange to offer value add services.