Lloyd’s announced that it has selected IBM to deliver the Lloyd’s Exchange pilot. “The Exchange will allow market participants to transfer risk information to each other using electronic messaging standards,” said Lloyd’s. “This will remove the need to maintain multiple connections with other parties and suppliers in the market and ensure that one standard is enforced.”
The long-awaited decision marks a further step towards the goal of eliminating the bulk of paper processing in the Lloyd’s market.
IBM was selected after a comprehensive selection process. The decision is subject to contract signing and IBM and Lloyd’s are working together to agree commercial terms.
Sue Langley, Director, Market Operations & North America, commented: “The quality of finalists’ presentations was very high but after a lengthy selection process, we are looking forward to working with IBM and the market to establish the pilot. We are also grateful for the active support from the LMA, IUA and LIIBA on this project.
“The Lloyd’s Exchange, which will be based on a tried and tested solution as opposed to a purpose built product, will allow organizations in the market to communicate with each other via one connection, which will use an ACORD data standard,” she continued. “ACORD is the thread running through all the projects as Lloyd’s strives to deliver clear information standards along with a simple solution to carry the information around the market supporting day to day business.”
Source: Lloyd’s – www.lloyds.com
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