To trial new exchange messaging service
IBM has signed an agreement with British insurer Lloyd’s to trial the new Lloyd’s Exchange messaging service which will trial the electronic distribution of data between London insurance market insurers and brokers, replacing traditional paper based operations.
The messaging service will provide a central point of contact for the market by introducing web based technology that removes the need for each organisation to maintain multiple connections.
The service will use Acord data standards to ensure a common framework and guidelines for all communication within the London Market. This will provide a new way of sharing information between insurance organisations and improved access to third party services.
IBM will also supplement this with a range of business and technical services which will be used to establish, implement and support the new service. In addition, IBM will provide a Starter Connection Pack to allow companies with no existing messaging capability to construct, send and receive messages across the Lloyd’s Exchange.
Graham Wright, UK insurance leader of IBM global business services, said: This is an important first step for the Exchange and IBM is dedicated to developing the service to help make operations more efficient and cost-effective for the London Market. Our messaging service caters for all levels of technology sophistication so that the whole market will be able to participate.