IBM is to create a messaging service to enable London Market insurers to take data electronically from brokers.
IBM believes that a managed service, built on a Service Oriented Architecture (SOA) in order to ensure flexibility, is the most cost-effective and efficient way to provide the necessary connectivity for all parties in the London market.
“The new service will be complementary to the existing peer-to-peer links between major insurers,” adds Sue Langley, chief operating officer for Hiscox and chair of the G6. “It provides an alternative choice for those insurers who wish to transfer data with multiple brokers over one service.”
The new service will allow insurers and brokers to exchange messages, using the same ACORD standards used by the G6.
Lloyd's CEO, Richard Ward, said: “Making Lloyd's an easy and efficient place to do business is a priority for Lloyd's and supporting efficient data capture and data transfer between brokers and managing agents is a key objective. We welcome IBM's interest and investment in providing services to the Lloyd's market.”
“This initiative demonstrates IBM's commitment to the insurance industry, to the use of industry and technology standards, and to the delivery of solutions which promote the efficient operation of markets,” added Graham Wright, managing partner, IBM Global Business Services.
“Brokers are keen to be able to link to their markets in a simple and cost-effective manner,” said Ian Summers, director of change strategy at Aon. “The provision of a managed service for insurers that complies with ACORD industry standards will make this far simpler and accelerate implementation.”
