IBM to trial Lloyd’s Exchange Messaging Service
Lloyd’s of London has signed a contract with IBM for the IT services provider to trial the Lloyd’s Exchange Messaging Service.
The new facility enables the electronic distribution of data between London insurance market insurers and brokers, replacing traditional paper-based methods of circulation.
It is seen as a major step forward in modernising the London market and has the support of the International Underwriting Association and the Lloyd’s Market Association.
Once fully operative, organisations in the market will be able to communicate with each other via one connection, which will use an ACORD data standard and thereby ensure that one standard is enforced.
The service is based on the imarket electronic trading network, which IBM will supplement this with a range of business and technical services.
IBM will also provide a Starter Connection Pack for companies with no existing messaging capability.
Full implementation of the service is planned for early 2010 but the Exchange will be available to an initial group of market participants in the second quarter of this year.
Category: Companies News, Insurance News
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