It’s not unusual to see assertions made about the benefits of products and services that don’t tally with the reality. 
That’s not the case with the Lloyd’s Exchange. To borrow a line from a popular TV ad: Lloyd’s Exchange: ‘Does what it says on the tin’.

Many of you in Operations will have already been notified that as a result of the upgrade to the Insurer’s Market Repository (IMR), which provides Electronic Claims File (ECF) and Account and Settlement (A&S) in the market, that some changes to your systems will be necessary. These changes are mainly to do with alterations to IP addresses and subsequent testing.

Individually, these changes are relatively small. But when the changes are applied across the market (which currently stands at more than 50 companies but potentially as many as 250) the effort could be considerable.
One of the benefits of the Lloyd’s Exchange is that it’s a gateway based on a single connection. Companies connect to it and that’s all they need to do.

Changes to the access (or IP) address happen at the gateway not in the companies’ systems. In other words, the principal change (to the access address to the Insurer’s Market Repository) happened once and only at the Lloyd’s Exchange—not 50 (or 250) times at the various companies.

Any firms connected to the IMR (or e-Accounting when implemented) through the Lloyd’s Exchange therefore wouldn’t be affected by these changes—they won’t have to do a thing.

Like I said…‘Does what it says on the tin.’

Tags: Lloyd's Exchange

This entry was posted by Carl Phillips on Thursday, June 18th, 2009 at 3:38 pm and is filed under Market Operations.