The Lloyd's Exchange

What is the Lloyd’s Exchange?

To quote from Lloyd's own website...

The Lloyd's Exchange is a pilot initiative to provide a simple messaging hub. It has two key aims:

• To remove the future need to maintain multiple connections with other parties and suppliers in the market

• To ensure that one standard is enforced

The ultimate aim of this initiative is that a common standard is enforced across the market that will allow the electronic exchange of standardised information throughout the insurance process.

Initially, the Lloyd’s Exchange will allow market participants to exchange risk information electronically using the common ACORD data standards. It is anticipated that business software suppliers will connect to the Exchange to offer value add services and products to the market.

With multiple choices and standards in the market developing into a 'spaghetti' model progress can be slow and costly. The Lloyd’s Exchange aims to simplify this.

Additionally, it will reduce the barriers to entry and the risk of participation for market organisations who have not yet committed to the electronic environment.

Click here to go to the Lloyd's website for more information.

How can TriSystems help ?

In one of 3 ways:

1. UMG OnLine, Free Trial Version

From May 2009, brokers and underwriters may take a 5-user licence for 6-months with no licence, rental or transaction fees to trade with partners on the Lloyd's Exchange during the pilot phases.

This is the ultimate Starter Connection Pack - everything the SCP does, plus everything else you need!  It has been designed specifically to support the Lloyd's Exchange and includes a full messaging gateway, audit trail and user portal with message management functionality. And, as it's hosted by TriSystems, requires nothing more than a web-browser to access it.

The only charge for this service is a one-off connection fee of £1,500 + VAT to cover the setup and support for 6 months.  Click here for more details.

2. UMG OnLine

The Best of Breed in hosted Message Management Tools, UMG OnLine is both easy to use and functionally rich.

From as little as £1,500 per month for a 20-user licence, you can trade electroncially with partners on the Lloyd's Exchange using the multi-award winning UMG plus the UMG Forms&Workflow portal, hosted by TriSystems.

3. UMG Lite, Full & Enterprise

For companies wishing to implement in-house software and integrate it into their administration and document management systems, the UMG is the Best of Breed in ACORD messaging gateways.  A raft of options such as UMG Forms&Workflow , UMG TransForm, bordereaux conversion, eMRCE eMail and EDI make this package the ultimate Message Management Tool.

Available from £20,000 per year.