The three largest global insurance brokers – Aon, Marsh and Willis – have given their support to a key stage in further modernizing the Lloyd’s market by agreeing to pilot the Exchange for endorsements using the latest agreed version of the ACORD standard.
Richard Ward, Lloyd’s CEO, explained: “The Exchange, which was an initiative originated by Lloyd’s, will be a key facilitator in continuing to modernize the market and the top three brokers are critical to driving live use and proving the value. I am grateful to all who are committed to make it succeed and we are now working with the London Market Group (LMG) to review the governance and ensure it becomes a true market Exchange.”
Aon’s President and CEO Gregory C. Case added: “Aon is completely supportive of modernization of the Lloyd’s marketplace to create more efficiency and better insurance solutions for our clients.”
Marsh’s CEO, Dan Glaser, indicated that the broker was “delighted to support the development of the Exchange by piloting a key facet of the operation.” He indicated that the “ease of electronic access and process transparency,” which the Exchange is designed to implement, “provides clarity, quality and efficiency in exchanging standardized information. Ultimately, it’s our clients who stand to benefit from a more efficient marketplace and contract certainty – and that’s a compelling value proposition.”
Willis Chairman and CEO Joe Plumeri pointed out that “modernization of the London Market is essential.A more efficient marketplace will deliver benefits for all participants, most importantly for our clients. We look forward to working with the other brokers and underwriters on the endorsements pilot.”
London Market Group (LMG) Chairman Barnabas Hurst-Bannister noted: “The goal of the LMG is to help the market to move forward collectively ensuring an increasingly competitive and compelling marketplace. The Exchange can make a significant contribution to modernization and we will be working with the Associations to drive market-wide adoption.” Formerly known as the “Market Reform Group,” the committee recently changed its name and broadened the areas in which it will work (See IJ web site – https://www.insurancejournal.com/news/international/2009/10/13/104476.htm
The Exchange is a market utility that checks and enforces one information standard across the market. It provides a service to send messages between multiple parties through a single connection.
Source: Lloyd’s of London – www.lloyds.com
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