First Lloyd’s Exchange live message sent
14 August 2009
Lloyd’s, the world’s leading specialist insurance market, today announced the first live message to be sent across the Lloyd’s Exchange.
Miller and Aspen Re were the first to send the message—an energy quotation request—and used the ACORD data standards.
“We have come to the end of the first trial,” said Sue Langley, Lloyd’s Director, Market Operations and North America, “and we’re delighted that the participants are now starting to use the Lloyd’s Exchange.
Going forward, the next three trials will identify any issues that participants may have, improve processes and ensure that more market organisations can participate.
Ben Snape, eCommerce Programme Manager at Aspen Re, said:
“This is an important step forward. The Lloyd's Exchange makes it easier for brokers and carriers to connect to each other and provides a solid basis on which to expand relationships between business partners over the coming months."
John Bissell, Director and Head of Operations at Miller, said:
"Supporting the placing process with technology requires two key ingredients: firstly, being able to exchange messages; and, secondly, being willing to have a go. Both are vital to success and we are delighted to have been able to achieve both through the Exchange."
Several more underwriters and brokers are expected to send messages shortly, with the second pilot phase already underway.
Last updated on 14 Aug 2009
