Carl Phillips

Progressing with the Lloyd’s Exchange

Posted by Carl Phillips on Friday, February 27th, 2009 at 2:40 pm

Firstly, thanks to Jerry for his comment on my blog.  It’s good to see that people are reading them, but even better to see there’s interest in how we are progressing with the Lloyd’s Exchange.

It’s been a busy few weeks, the first three of our quarterly test phases have been fully subscribed by managing agents and IUA companies (but some slots still available for brokers), and attendance at briefing sessions are at record highs.

In fact, I spoke at a Market Reform Office event a week ago and it received a record attendance…or it could just be me.

The main questions being asked before the trials are how participants can get involved in one; and how will they connect to the Exchange.

Luckily, both are very easy to answer.

Go to How to get involved at lloyds.com/lloyds-exchange to find out about how register for a test phase  or contact Sharmi Biswas (use link to email Sharmi).

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This entry was posted by Carl Phillips on Friday, February 27th, 2009 at 2:40 pm and is filed under Market Operations.

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Comments

  1. From James Livett at March 13th, 2009 at 11:13 am


    The Lloyd’s Exchange, as we all know, will hopefully give ePlacing the shot in the arm that it needs, however, I am seeing a lot of communication aimed at senior management, IT & Operations people, but very little aimed at the “grass roots”. I am talking about the guys with the slip cases and the guys with the rubber stamps.

    To my mind the Lloyd’s Exchange can only support the placing process if it receives “buy in” from the ground.

    The senior management can pass down edicts and the IT and Operations people can build systems and implement processes, but winning over the hearts and minds of the brokers and underwriters needs to be attacked head on and as a market.

    I suggested to the MRO a while ago that maybe some targeted literature and/or presentations would not go amiss. The targets could simply be all those that have a Lloyd’s pass to trade in the room ?

  2. From Carl Phillips at March 18th, 2009 at 10:03 am


    Thanks for your comment James, and I agree with you that the Lloyd’s Exchange can only support the exchange of standard ACORD electronic information (starting with placing messages) if it receives ‘buy in’ from the market.

    We have hosted several briefing sessions at Lloyd’s for the market to inform them of what the Lloyd’s Exchange is and what it’s about, including a recent session at the MRO on 18 February. Realising that there’s a lot of questions around the Exchange we’ve posted information on lloyds.com/lloyds-exchange to address the questions people may have. If that doesn’t have the answers, please contact Sharmi.Biswas@lloyds.com.

    The Exchange site will be updated regularly and is the best source of information. We are focused on the pilot right now so as to illustrate how brokers and underwriters can use the Lloyd’s Exchange (ie the people in the market). The pilot will demonstrate how standard ACORD placing messages can be exchanged electronically for live risks and this will give evidence of how the Lloyd’s Exchange can be used and enable us to get the ‘buy in’.

    Thanks for your thoughts. My next blog posting will go into more detail.

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