The Lloyd’s Exchange project has received a shot in the arm after global brokers Aon, Marsh and Willis agreed to try out the system.

Lloyd’s claims the development is “a key stage” in its plan to modernise the London market through the IBM-operated service.

The brokers have agreed to pilot the exchange for endorsements using the latest agreed version of an ACORD [Association for Co-operative Operations Research and Development] standard.

Lloyd’s says the ultimate aim of the project will see a common standard enforced across the market, allowing the electronic exchange of standardised information throughout the insurance process.

Lloyd’s CEO Richard Ward says the system “will be a key facilitator in continuing to modernise the market, and the top three brokers are critical to driving live use and proving the value”.