13/01/2009 – Lloyd’s, the world’s leading specialist insurance market, today announced the selection of 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. This will remove the need to maintain multiple connections with other parties and suppliers in the market and ensure that one standard is enforced.
IBM was selected after a comprehensive selection process. This 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, said:
“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 organisations in the market to communicate with each other via one connection, which will use an ACORD data standard. 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.”
Lloyd’s is the world’s leading specialist insurance market with a capacity to accept insurance premiums of more than �13.7 billion in 2005. It occupies sixth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2005, 62 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide. More about Lloyds at www.lloyds.com. Lloyd’s is regulated by the Financial Services Authority.