A new electronic messaging service launched yesterday aims to modernise data exchange for the still largely paper-based process at Lloyd’s of London, the world’s leading commercial insurance market.
The new IBM managed service aims to complement an existing data exchange platform established last year by leading Lloyd’s insurers, known collectively as the G6, and will use the same electronic messaging standard approved by Acord, the international standards body for the industry.
IBM has worked closely with Acord in the past, having built the "imarket" electronic trading network platform for Polaris, the electronic trading standards organisation for the UK general insurance industry, which excludes Lloyd’s.
The supplier is now offering a managed service to smaller insurers, brokers and other related financial services agents, which may not have the resources or expertise to maintain such links in-house, and so spend a lot of time and money rekeying data and dealing with the inevitable human errors that arise as a result.
Lloyd’s chief executive Richard Ward, said, “Making Lloyd’s an easy and efficient place to do business is a priority and supporting efficient data capture and data transfer between brokers and managing agents is a key objective.”
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