New system creates universal standard for brokers, insurers and back office staff

The Lloyd’s Exchange – the system created to solve the London market’s technology issues – has successfully sent its first messages.

The first live message, an energy quotation request, was sent last Wednesday between broker Miller and Aspen Re using the Acord (Association for Cooperative Operations Research and Development) data standards.

The Lloyd’s Exchange, which is almost three months into a year-long pilot, allows brokers, insurers and back office staff to share information using a single messaging standard.

IBM was chosen in January to deliver the pilot following competitive tendering.

Lloyd’s director of market operations and North America Sue Langley said Lloyd’s was delighted that London market operators had begun using the system following the completion of the first trial.

“The next three trials will identify any issues that participants may have, improve processes and ensure that more market organisations can participate,” she said.

Aspen Re’s eCommerce programme manager, Ben Snape, said it was an important step forward for brokers and carriers.

Miller’s director and head of operations, John Bissell, said the Exchange had the key ingredients to being successful.