You may remember that back in November of last year, I blogged about the Future of Central Services processing work that Market Operations had presented to the London Market Group. Since then, the LMG have appointed Tim Carroll, Underwriting Director at Canopius, as the Project Sponsor to provide direction and report to them on the [...]

Tags: ACORD, Lloyd's Exchange

ACORD standards develop over time by taking account of members’ feedback, based on their experience of implementing the standard’s specifications.
ACORD may publish up to two new releases of their existing standards a year, depending on members’ demand.
However, there has been latency—especially by early adopters—in moving on to a newer version of the standard. Up to [...]

Tags: ACORD, Lloyd's Exchange

You’ll notice ACORD is a recurring theme in my blogs and this is not just a coincidence. We are moving to an electronic world and the ACORD standard, which supports the use of structured data, is at the heart of this.

Tags: ACORD, Lloyd's Exchange

Whether or not there should be a standardised risk bordereau has been much discussed over the years. 
Risk bordereaux are reports listing all the risks that have been written in a given time period, usually a month, which the coverholder creates to keep the managing agents and brokers up to date with the business they have [...]

Tags: ACORD, Bordereau, Standardisation

Little more than five months after signing the contract to create the Lloyd’s Exchange the market sent its first live placement message over the Lloyd’s Exchange on Tuesday. The message was sent by Miller to Aspen Re.
The significance of this event is that it validates the statements made about the Exchange and satisfies the market’s expectations that it [...]

Tags: ACORD, Lloyd's Exchange

Lloyd’s is a global marketplace: it’s licensed to underwrite business in 79 territories and can accept risks from over 200 countries and territories. Like many international organisations working in multiple regulatory environments, Lloyd’s needs to adhere to the rules of each.
In other words, local tax authorities and industry regulators need to know about any and [...]

Tags: ACORD, Lloyd's Exchange

You might be asking yourself ‘what’s a Londonism?’
Simply put, a Londonism is a difference in the way that business is processed in London compared to other markets, such as Bermuda, the US and Continental Europe.
In 2008 Market Operations, supported by the Market Reform Office, started work on a project to analyse Londonisms, trying to capture [...]

Tags: ACORD, Lloyd's Exchange, Londonisms

The fact that the IBM technology underpinning the Lloyd’s Exchange had been tried and tested (and is fully operational in another insurance market) instilled confidence in the project team that technology wouldn’t be an obstacle to delivering the Lloyd’s Exchange to the market.
This confidence was well placed. Phase 1 of the pilot is now drawing [...]

Tags: ACORD, Lloyd's Exchange

The short answer is: yes.
The long answer? Like any global business, the London Market must continually enhance process efficiency to remain competitive. We do pride ourselves on our long traditions but we’re not likely to use a quill in a digital age.
Process change is necessary to ensure efficient and flexible working with multiple markets across [...]

Tags: ACORD, Lloyd's Exchange

 
Given the ’special relationship’ enjoyed between the UK and the US, key communication advances have helped support growth and development in political, social and commercial relations. In Pocahontas’ time, in the early 17th century, information would have had to travel by ship to cross the Atlantic. Transatlantic telegraph (1858), radio (1901), passenger flight (1927) and [...]

Tags: ACORD, Data, Standards