A pilot program linking brokers, underwriters and IT systems providers by electronic messaging is attracting praise in the UK.

The London Market Group’s “endorsement pilot” uses electronic messaging developed by the US non-profit Association for Co-operative Operations, Research and Development (ACORD).

So far 19 major UK brokers – including Aon, Marsh and Willis – are participating, along with 38 managing agents and 19 International Underwriters Association (IUA) members.

The trial focuses on a subset of marine (direct hull, cargo war and liability) but Lloyd’s says in a new report that it hopes 100% of endorsements will eventually be placed by electronic messaging using industry-agreed ACORD XML standards.

Endorsement project leader Sharmi Bakrania says in the Lloyd’s report that once endorsements have been completed, “we’ll look at the placement process in its entirety”.

“We need to keep the momentum going but not do everything all at once and too quickly.”