More than 100 endorsements processed in first three days
Feedback on the Lloyd’s Exchange e-endorsement trial, which began on 1 October, has been positive.
Aon processed more than 100 endorsements within the first three days. Its first exchange, with Beazley, was returned within five minutes.
The trial, set to run for the rest of 2010, has signed up all managing agents at Lloyd’s and more than 80% of brokers by market cap.
The Exchange is an ACORD simple messaging service that allows brokers, underwriters and system providers to send and receive information from multiple parties via one connection point. It is not currently being used for negotiating or binding.
This trial follows the cancellation of Kinnect, a £70m electronic trading platform, which ceased in January 2006.