Insurance Information Standards

Lloyd's is advocating the use of ACORD Insurance Information Standards as a way to improve market process efficiency.

If the London Insurance Market is to remain competitive, it must be able to work efficiently and flexibly with multiple markets across the world.

ACORD is a global non-profit standards development organisation serving the insurance industry and related service industries. ACORD provides a global standards framework for the exchange of insurance information.

By adopting ACORD standards the London market will be able to:

- Exchange insurance information in a consistent manner
- Receive more appropriate information
- Have more efficient processes
- Reduce costs by removing the need for data cleansing and manipulation

> Coverholder Reporting Standards

Lloyd's has a suite of standards for coverholders to report premiums, claims and US property risks.

> Current Initiatives

Lloyd's is actively involved in a number of initiatives to develop ACORD insurance information standards.