Lloyd’s has confirmed that UK based insurer UIB has successfully sent a live endorsement request message through the London Market’s Acord messaging hub, The Exchange.
The message was sent using Trace Isys’ Messaging Service software to specialist underwriting business Canopius. The message was subsequently agreed by cargo underwriter Joe Mellen.
The first complete endorsement agreement process was achieved well before the e-Endorsement official live date of 1 October 2010.
The result comes towards the end of the four month London-Market-Group-sponsored e-Endorsement pilot, which involved all Lloyd’s Managing Agents, a number of company market carriers and the majority of the major brokers.
The pilot, which is built around the Acord messaging standards, is said to be the first market-wide e-placing delivery for the London Market. The technology is likely to eliminate the need for brokers to queue at a Lloyd’s box to make adjustments or amendments to policies.
UIB Marine Division technical director Steven Pallett said that this genuinely is a breakthrough as it greatly improves the efficiency of how brokers and underwriters can trade at Lloyd’s and in the company market.
“It also gives underwriters the ability to manage and prioritise broker inquiries as at present they cannot manage who or what is waiting for them in the queue,” Pallett said.
“In today’s increasingly regulated marketplace, this new system provides brokers and carriers alike with structured audit trail as to what, when and by whom a contract change was agreed. UIB has proved the technology is there and is capable so the next step for UIB and all participating brokers will be to roll it out to the rest of marine, then across all classes of business in the London market.”