Message sent through The Exchange to Canopius
Lloyd’s confirmed that UIB have sent the first live endorsement request message through The Exchange, the ACORD messaging hub.
The message was sent through Trace Isys' Messaging Service software to Canopius, and was agreed by cargo underwriter Joe Mellen.
The result comes towards the end of a four-month pilot involving Lloyd's managing agents, company market carriers and brokers.
The technology will eventually eradicate the need for brokers to queue at a Lloyd's box to make adjustments or amendments to policies.
Steven Pallett, technical director of UIB's marine division, said: "Currently brokers are queuing even for something as minor as a typo on a document. So this will not only save broker's time and shoe leather, it also gives underwriters the ability to manage and prioritise broker inquiries, as at present they cannot manage who or what is waiting for them in the queue."
All participating carriers have signed up to a service level agreement to respond to endorsement requests from brokers within 24 hours, although in practice they are likely to respond far sooner.
Pallett added: "There is obviously a cultural dimension to this as people get used to the change in the way they have done things traditionally. However, it has been very pleasing to see the real enthusiasm for the pilot and the efficiency savings that are now within reach.
"Also, in today’s increasingly regulated marketplace, this new system provides brokers and carriers alike with structured audit trail as to what, when and by whom a contract change was agreed."
