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LloYDs Exchange 31st July 2008 Confidential
© Lloyds2 Lloyds Exchange Recap of what are we doing? Objective is to procure a solution that facilitates the electronic exchange of information -A first step for organisations within the market that have not moved into this area; -To join those organisations that already have capability Well do this by putting in place -Information exchange – Hub -Market Directory -User Connection Package Buy not build Tried & tested technology
© Lloyds3 Lloyds Exchange Why we are doing this? It is clear that momentum is gathering for electronic-messaging technology A large number of suppliers providing services Mexican stand-off developing as market organisations are waiting for the best solution to emerge There is clear market demand for the provision of strategic direction and remove barriers to entry
© Lloyds4 Lloyds Exchange What are the key benefits? Exchange will reduce need for multiple bilateral connections; each organisation plugs in to the hub once allowing one point of entry Standards of data set and updates are controlled in the hub Market Directory provides the latest picture of participants Compliments face to face processes
© Lloyds5 Lloyds Exchange What is in scope? Connections for those with existing ACORD messaging capability within Lloyds Market Connections for MAs with no ACORD messaging capability via a user connection package Secure and audited environment for message routing, handling, queuing, resends and retries Validation of messages to agreed ACORD schemas and schematron; no translation in the Hub Basic Management Information Connectivity Hub Messages Market Directory ACORD RLC messages - two way placement to support single section risks In the near future we will include multi section risks, A&S messages – recognising this is high priority and we will also consider claims messages Standard version Holds all organisational information to allow trading relationships to be maintained Search facilities to view the information efficiently
© Lloyds6 Lloyds Exchange What have we done since the last update? Prepared the Invitation to Tender for the short listed Vendors Reviewed and obtained input and agreement for scope of the functional requirements from a Market working group Also involved EPSG, ACORD and Market Associations Spoken with Gateway providers Issued the ITT out to the shortlist Vendors – 4 th July 2008 Received ITT responses – 25 th July 2008
© Lloyds7 Lloyds Exchange What next? Evaluation process Short list finalists Site visits, due diligence, finalist presentations Select finalist Vendor Plan for the Pilot Only if Pilot is a success will we go to implementation
© Lloyds8 Lloyds Exchange Get involved or contact me for more information –
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