Lloyd’s is using the Association for Co-operative Operations Research and Development’s (ACORD) Messaging Library standard to receive property data from Australia.

After 18 months’ development, the binding authority risk bound report is enabling Lloyd’s coverholder and Steadfast underwriting agency Miramar to send information to Lloyd’s.

ACORD Director Global Development Alan Stitzer told insuranceNEWS.com.au the development is the result of a Lloyd’s initiative called Project Tomorrow, which aims to streamline coverholder reports.

“Lloyd’s is always looking to use ACORD standards where it can,” he said.

“This is a huge step forward and leads to massive efficiency gains. It’s much easier for Lloyd’s to process everything. The companies involved are so well known, it drives home the point that standards are the way to go.”

ACORD Representative for Australia and New Zealand Steven Tuften told insuranceNEWS.com.au other companies – and countries – are likely to follow Miramar’s lead.

“It’s not just about efficiency but also about improving the quality of the data,” he said.

“Right now it’s just Miramar, but over time we expect more and more companies to adopt this standard. Australia has led the way but we expect other countries to follow.”