The three largest global insurance brokerage firms, Aon, Marsh and Willis, have agreed to pilot an exchange for endorsements on the London market. The exchange, which will employ the latest version of the ACORD standard, marks the latest stage in a market modernization effort originated by London-based Lloyd’s.
"Aon is completely supportive of modernization of the Lloyd’s marketplace to create more efficiency and better insurance solutions for our clients." Gregory Case, president and CEO of Chicago-based Aon Corp. said in a statement.
Aimed at brokers and underwriters, the exchange will provide a standardized service to send messages between multiple parties through a single connection. “With ease of electronic access and process transparency, the Exchange provides clarity, quality and efficiency in exchanging standardized information,” added Dan Glaser, CEO of New York-based Marsh. “Ultimately, it’s our clients who stand to benefit from a more efficient marketplace and contract certainty—and that’s a compelling value proposition.”
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