IBM appointed sole service provider for Lloyd’s Exchange
Lloyd’s of London is appointing IBM as the sole service provider for Lloyd’s Exchange pilot, a new central trading hub, although contracts have yet to be signed.
The system will allow market participants to transfer risk information to one another using electronic messaging standards.
It will therefore eliminate the need for multiple connections with other parties and suppliers in the market and ensure that one standard is enforced.
Organisations in the market will be able to communicate with each other via one connection, which will use an ACORD data standard.
The selection of IBM has been made after a comprehensive tender process and according to Sue Langley, Lloyd’s director of market operations and North America, the Exchange will be based on a tried and tested solution as opposed to a purpose built product.
The Exchange is seen as a major step forward in modernising the London market and the pilot already has the support of the International Underwriting Association and the Lloyd’s Market Association.
Category: Companies News, Insurance News
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