First live message sent across Lloyd's Exchange

The first live message has been sent across the Lloyd’s Exchange, Lloyd's has revealed.

Miller and Aspen Re were the first to send the message – an energy quotation request – and used the Acord data standards.

The Lloyd’s Exchange allows brokers, insurers and back-office staff to share information using a single messaging standard and was created by IBM.

Sue Langley, Lloyd’s director, market operations and North America, said: “We have come to the end of the first trial, and we’re delighted that the participants are now starting to use the Lloyd’s Exchange. Going forward, the next three trials will identify any issues that participants may have, improve processes and ensure that more market organisations can participate.

Ben Snape, eCommerce programme manager at Aspen Re, said: “This is an important step forward. The Lloyd's Exchange makes it easier for brokers and carriers to connect to each other and provides a solid basis on which to expand relationships between business partners over the coming months."

John Bissell, director and head of operations at Miller, said: "Supporting the placing process with technology requires two key ingredients, firstly being able to exchange messages and secondly being willing to have a go. Both are vital to success and we are delighted to have been able to achieve both through the Exchange."

Several more underwriters and brokers are expected to send messages shortly, with the second pilot phase already underway.