Association for Cooperative Operations Research and Development

A non-profit organisation which publishes and maintains an archive of standard forms and message types to support the exchange of data between brokers and insurers


Application Programming Interface

A connection between different computer programmes / software

ASG gateway

ASG gateway

A system that handles inward and outward messages (ACORD / service APIs and Electronic Data Interchange (EDIs)) on behalf of the International Premiums Orchestration Service (IPOS) and the International Claims Orchestration service (ICOS)


Binding Authority Registration system

Lloyd’s current binder registration system

Binding authority

Binding authority

An agreement where an insurer delegates authority to a coverholder (or MGA) to enter into contracts of (re)insurance on their behalf



A list of risks, premiums payable, and claims paid or due, prepared by a coverholder (or MGA) for an insurer Bordereaux are commonly produced on a monthly or quarterly basis



Market terminology for XISA joint venture 50% owned by DXC, 25% owned by the IUA , and 25% owned by Lloyd’s – now known as Velonetic (previously known as the London Market Joint Ventures)


Core Data Record

A set of standardised, quality transactional data, that empowers downstream processing

Claims agreement party

Claims agreement party

Lloyd’s scheme setting out how claims should be handled The claims agreement party is the instructing insurer with authority to agree claims under the policy


Claims Loss Advice and Settlement System

A claims workflow system initially developed for the IUA and extended to the Lloyd’s market, which enables brokers to load claim data and supporting documents so that insurers can agree, query, and reject claims



A company or partnership authorised to enter into contracts of insurance on behalf of a Lloyd’s syndicate in accordance with the terms of a binding authority; may also be called a managing general agent (MGA)


Coverholder Reporting Standards

Core set of regulatory, tax, premium and claims information which applies to all coverholders and to TPAs / DCAs with claims authority


Customer Relationship Management

Customer relationship management is a strategy that companies use to manage interactions with customers and potential customers - it helps organisations streamline processes, build customer relationships, increase sales, improve customer service, and increase profitability



A database of overseas regulatory information maintained by Lloyd’s, including access to international regulatory and taxation requirements



Market cutover from current bureau systems to future digital processing services


Delegated Authority

An arrangement under which an insurer delegates its authority to a coverholder to enter contracts of insurance or handle claims on its behalf

Data council

Data council

A panel comprised of participants from across the market, formed to define and approve data standards to enable the digitisation of the London market. It aims to drive the adoption of data standards in conjunction with ACORD, open market risk CDRs, computable contracts, the data assembly process, and API standards


Delegated Claims Administrator

An organisation which acts as an outsource provider to insurers in the administration and handling of claims


Delegated Contract and Oversight Manager

Lloyd’s platform which currently supports binder registration


Delegated Data Manager

Centralised coverholder reporting system

Design office market forums

Design office market forums

Market forums, formerly known as market advisory groups, have been set up to incorporate insights and recommendations from senior market experts into the product design process

Digital Gateway

Digital Gateway

An automated risk data validator that enriches the CDR for central processing


Digital Processing Platform

The core digital solution for open market and delegated authority accounting and settlement, and claims processing


Digital Processing Services

The core Digital and Transitional Processing Services utilising the Digital Processing Services Platform


Digital Cross Connect System

DXC Technology is the joint venture partner, delivering digital processing capabilitiesDXC own 50% of the bureau and provide build and run services to it


Electronic Back Office Transactions

An ACORD standard specification; the business data and rules required for conducting electronic business interactions from system to system, dealing with the usage of ACORD technical account and financial account messaging


Electronic Claim File

Current market system to enable insurers to review and correspond on claims


Engagement Communities

The market and service providers have been segmented into ten community groups, known as the EC10, based on similar requirements, challenges and change solutions


Electronic Claims Office Transactions

The use of ACORD messages for the management of the claims process


Electronic Data Interchange

Computer-to-computer exchange of business documents in a standard electronic format to replace e-mail / post, etc.


Faster Claims Payment

Faster Claims Payment is a solution designed to pay delegated authority claims in hours and days rather than weeks and months, and avoid the administrative burden of loss funds

Fern 2

Fern 2

Series of contracts which exist between the market, LIMOSS and various third parties including the joint venture that provide services to process business in the London marketplace


First notification of loss

The initial report that is given to the insurance company after injury, damage, or loss to an insured

Follow underwriter

Follow underwriter

An underwriter of a syndicate or insurance company that agrees to accept a proportion of a given risk on terms set by another underwriter called the lead underwriter.


International Claims Orchestration Service

The product underpinning the Digital Claims Processing Services


Insurers’ Market Repository

Infrastructure owned and funded by London market insurers, both Lloyd’s and companies, which provides a common repository for documentation to support accounting and settlement and claims processes

Market interoperability

Market interoperability

How the London market will work together on premium and claims processing


International Premium Orchestration Service

The product underpinning the Digital Premium Processing Services


International Risk Orchestration System

The product underpinning the Digital Risk Services


International Underwriting Association of London

The representative and market organisation for non-Lloyd’s international and wholesale insurance and reinsurance companies operating in the London market


London Market Joint Ventures

Market terminology for the bureau, now known as Velonetic

Lead underwriter

Lead underwriter

An underwriter of a syndicate or an insurance company that is the first to enter into a contract of (re)insurance, and therefore set its price and the terms


Lloyd’s Insurance Data System

The XIS internal system used to process and store risk premium and policy history for the Lloyd’s market


London and International Insurance Brokers’ Association

A trade association that represents brokers, including Lloyd’s brokers


London Insurance Market Claims Messages

The current London market standard EDI claims message


London Insurance Market Operations & Strategic Sourcing Ltd

LIMOSS is a not-for-profit company limited by guarantee, owned by the IUA, Lloyd’s and LMAIt sources and operates common market services for the London market


LIMOSS Market business glossary

The Market Business Glossary (owned by LIMOSS) provides a single, centralised source of business definitions and standards


Lloyd’s Market Association

A trade association that represents Lloyd’s managing agents


London Market Group

A market-wide body, bringing together the specialist commercial (re)insurance broking and underwriting communities in London. It is supported by the IUA, LIIBA, Lloyd’s of London and LMA

London market

London market

For the Blueprint Two website, London market refers to both company market and Lloyd’s market platforms

Loss fund

Loss fund

Money held in trust to provide advance funding for the payment of claims at a set agreed value


London Premium Advice Note

Communication of the technical account information

Managing agent

Managing agent

An underwriting agent which has permission from Lloyd’s to manage a syndicate


Managing general agent

Alternative terminology for coverholderAn agency whose primary function and focus is the provision of underwriting services and whose primary fiduciary duty is to its insurer principal


McKenzie Intelligence Services

A platform with multi-source intelligence including world-class satellite imagery, which will help deliver faster claims decisions and payments for customers


Market Reform Contract

The standard for insurance contracts in the London market, established by the IUA, LIIBA and LMA

MRC v3

Market Reform Contract version 3

A data-driven, structured contract that enables extraction of key placement processing data



An artificial intelligence software company which enables insurers to submit complex data intelligently, including a reporting portal for catastrophe data


Policy Administration System

Software design to help insurers track and manage insurance policies, including records such as quotes, rating actions, issuances, and renewals


Policy Signing History

The XIS internal system used to process and store premium risk and policy history for the London company market


Placing Platform Limited

An accredited placing platform used by brokers and underwriters to facilitate and support risk placement

PRR market deliverables

Process, Roles & Responsibilities market deliverables

Establishing market deliverables which outline the process, roles & responsibilities for the digital open market placement journey

Signing down

Signing down

In the event that more than 100% of the risk has been underwritten, a Lloyd’s broker may reduce the proportion of a contract underwritten by a syndicate so that 100% of the risk is underwritten

Soft call

Soft call

A service provided by the Digital Gateway, which brokers and underwriters can use pre-bind to validate that they have the right data in the CDR as the contract is formed


Settlement and Trust Fund Office

A department in Lloyd’s which manages Lloyd’s Central AccountingEach working day, the bureau runs a batch process (Central Accounting) which essentially aggregates the premiums to be paid to a syndicate from a Lloyd’s broker and the claims to be paid from that syndicate to the Lloyd’s broker, which results in one daily payment between them via STFO


Society for Worldwide Interbank Financial Telecommunication

A Belgian cooperative society that serves as an intermediary and executor of financial transactions between banks worldwide



A group of Lloyd’s members that underwrite (re)insurance business at Lloyd’s under the management of a managing agent


Third Party Administrators

An organisation which acts as an outsource provider to insurers


Technology & Transformation Advisory Panel

A panel comprised of senior market practitioners from both the underwriting and broking communities, enabling the sharing of market insights and assessment of developments in the delivery, communication and adoption of the Future at Lloyd’s, JV, and PPL, and their interrelated governance structures


Unique reference

A unique reference applied to each contract of insurance and subsequent endorsements on the Digital Gateway so that the risk can be identified


Underwriters Signing Message

The EDI message to support premium advice transmitted to Lloyd’s syndicates



Previously known as the London Market Joint Ventures, XIS, and the bureauA joint venture 50% owned by DXC, 25% owned by the IUA, and 25% owned by Lloyd’s



Service provider supporting the Faster Claims Payment solution



The technology driven by data that allows insurers to operate entirely from within their own systems without direct recourse to the central systems provided by XIS; it gives insurers the ability to view data and documents currently available in ECF and the IMR through their own systems

Written line

Written line

The maximum amount of insurance that an insurer has agreed to accept when initialling a slip


Xchanging Ins-Sure Services

The ‘X’ is used to designate Xchanging, the forerunner to DXCAlso known as the bureau or the JV; Xchanging provides back office and centralised processing services