"Coverholder business has become an absolute priority for Lloyd's," according to Adam Stafford, senior project manager of market operations for Lloyd's, who explained a key force behind the push to standardize collection of data for U.S. E&S risks at the centuries-old institution.
"The overriding goal is to make the lives of our MGA partners easier," he said, explaining that U.S. MGAs underwriting business in the United States on behalf of Lloyd's, known as U.S. coverholders, will be encouraged–but not required–to use new standards already in the works and set to be completed by the end of the year.
Mr. Stafford will be providing an update on current efforts to adopt ACORD data standards during a special presentation titled "London Technology Update–Standardizing Data Transfer Across The Pond," which was recently added to the agenda of the 2010 NAPSLO Annual Convention in Atlanta (on Monday Oct. 11 at 1 p.m.). He will also discuss efforts to simplify and modernize the data transfer process through the use of a single messaging hub.
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