Skip to Main Content


Aug 5, 2015

Binding Authority: Lloyd’s Initiative Project Tomorrow

ACORD is pleased to announce its participation in the Lloyd’s initiative called “Project Tomorrow” - which recently went live.  ACORD XML (AML) is now being used to send risk bound reporting data on property risks from Australia to the Lloyd’s market on a weekly basis straight through to systems in London with no rekeying. 

While the current implementations are with Australian agencies, the data requirements were defined by a global community, which participated in the ACORD Binding Authority Risk Bound Bordereau working group and can be used globally.  

The major benefits for the Lloyd’s market are the receipt of more comprehensive, better quality data with no rekeying.  And not only does the Lloyd’s market get benefits, but the agencies do as well!  They have seen a reduction in processing from 3 days to a matter of hours.

The major benefits for the Lloyd’s market are:

  • Framework for coverholder business
  • Clear set of data requirements
  • Includes tax and regulatory data
  • No rekeying (less potential for data corruption)
  • Future ability to get real-time underwriting data

And not only does the Lloyd’s market get benefits, but the agencies do as well!

  • Measureable reduction in business process days from 3 days to a matter of hours
  • Lower recurring development costs
  • Influence on standards development
  • ACORD as a trusted partner supporting developments

“This was a truly international effort among those in London, ACORD in the United States and Australia,” said Alan Stitzer, ACORD Director of Global Development. “This is a huge deal.”

Below are some of the participants and their reactions to this big announcement. 

Sarah Thacker
Lloyd’s of London
Project Tomorrow is a proof of concept facilitated by Lloyd’s to enable straight through processing of risk bound data between MGAs and London with no re-keying; from a Lloyd's perspective it is all about making it easier for MGAs to work with London. 

The new model is a straight through process with no re-keying. The MGA, sends a standard ACORD XML message through TMEL, the message exchange, to the broker and syndicates in London. There is one standard set of data to submit. The MGA has one place to send the data to and the London market has one place to receive the data from. The new process is auditable and secure. The pilot has tested the submission of property data, but the standard can be amended to include data requirements for other classes. The MGA in the pilot is based in Australia, but MGAs in other countries could use the same model. The initial pilot has included nine syndicates and one broker in London, together with four back office system vendors and two gateway providers, but this model could be replicated across the London market.  Once further implementation work has been completed, there is keen interest in extending the model to further classes, territories, MGAs, brokers and syndicates.  

Peter Houston
ACE European Group
“ACE has been an active supporter of ACORD standard messaging for some time and has seen the benefits it brings. In respect of the Miramar project, we joined the group in November last year and participated as a following carrier on two piloted contracts.

The market process for submitting risk information on binding authorities is littered with inefficiencies, including significant manual effort and multiple hand-offs between several parties that generate a lot of duplication and rework. The new process allows the Coverholder to submit risk information electronically, via a common data standard, straight into third-party providers’ systems, immediately identifying any issues with the bordereau. For anyone working in operations, this kind of straight-through process is the optimal way of working. As Head of Operations, my job is to make sure ACE European Group does business in the most effective and efficient manner and our management team is right behind this initiative and the market reform process as a whole. For an industry that is not known for its innovation around efficiency, it is a significant achievement that marks another step on our important reform journey.

The new process is more efficient by many multiples. It gets the information to the right place very shortly after it leaves the broker systems, so you can address errors much more quickly. In addition, it has allowed us to increase our current monthly delivery of bordereaux to a weekly frequency, providing a better view of the performance of binding authorities. Perhaps most valuable of all, we are now able to reallocate the time spent on manual effort wading through various spreadsheets to extract and interrogate information to client-facing activity, allowing us to improve client service.”

James Bobbitt
“TMEL is the world’s only ACORD certified electronic messaging hub. It is used by London Market firms to transact ACORD messages with their trading partners. The TMEL Exchange provides organisations with a single secure connection point, removing the overhead of maintaining numerous connections to all their counterparties. It also ensures that messages conform to a single common standard. TMEL was chosen as the preferred transmission mechanism for the Project Tomorrow model.

It is important for TMEL to continue to support any modernisation initiatives and to be seen as a global utility for the insurance industry. Supporting the new ACORD AML standard and on-boarding Miramar as the first coverholder connected to the Exchange is an important expansion of the existing scope of TMEL. Facility business is an important part of the London Market and we are keen to ensure that electronic messaging is used to support this area as well. Project Tomorrow is the start of that process.”

Andrew Bennett
InsuranceCONNECT Pty. Ltd.
InsuranceCONNECT is the developer of UnderwriterCENTRAL™, the system used by Miramar to run its entire business.  The team at InsuranceCONNECT provided overall project management and consulting resources for Project Tomorrow from the Coverholders side of the project.   

Our team was involved from the very first day of Project Tomorrow and were engaged in every stage of the project;

  • assisting the Lloyds team in requirements and needs definition and validation,
  • design and development of the original bespoke standard,
  • implementation and testing of the data transfer via our integration tool; connectorUC
  • assisting the ACORD team in the translation of Lloyd’s needs into an ACORD standard
  • definition of improved work practices within the coverholders underwriting process
  • establishment and connection to the TMEL interface
  • finally the execution of the ACORD compliant automated bordereaux message delivery from Coverholder (Miramar) to multiple Lloyd's Syndicates

There are many benefits to all parties involved in this project, but most stem from the improved speed, quality and accuracy of data delivered via the interface.  All parties benefit from the reduced effort and more timely delivery of policy data.  The lack of potential for human error in the process also means a higher quality outcome for all.

Our clients will certainly enjoy a much improved workflow to deliver data to Lloyd’s.  Coverholders require no effort, with no manual intervention, that the old process required in the delivery of spreadsheets.  But more generally for us in our business as a system vendor the more aligned the requirements of Lloyd’s the less customization required per client when delivering data, thus less cost and more efficient implementations.

Malcolm Snow 
Tokio Marine Kiln
Tokio Marine Kiln, (one of the Lead Underwriters on the Miramar contract) has participated on Project Tomorrow from its inception. 

I assisted in the agreement of the ACORD AML Standard, which is now being utilised to submit weekly files to the London Market, as part of the project. As a carrier, data, data quality and the speed at which data is received is critically important. The aim of the Project is to move towards ‘real time’ submission from the Coverholders, and we are taking a step in the right direction by moving from monthly to weekly files. Moving from a monthly Excel file to a weekly load certainly benefits us, our coverholders and ultimately our clients by improving process efficiency, reducing costs and speeding up the turnaround. Utilising XML messaging removes the requirement for Coverholders to send Excel spreadsheets to London where re-keying is performed by both brokers and syndicates. The efficiencies delivered are significant and will improve reporting, service levels and reduce error rates.  We will continue to support further improvements in this area.

Chris Rees 
Chaucer Syndicates
“As one of the founding members of the Project Tomorrow group, Chaucer has been proud to lead this initiative, working alongside TokioMarineKiln, to drive the standardisation and automation of data within the Lloyd’s market.
We have been involved in Project Tomorrow from the outset, bringing together and working with the various project partners to develop the ACORD message and helping build a model for delegated business, not just for Lloyd’s, but for the London market as a whole.  The global collaborative approach on this project has significantly contributed to its success, which is building the foundations for future improvements to the delegated authority model. This can only lead to a more efficient business process and make it easier for Managing General Agents to transact with the Lloyd’s and London market.  
As well as the efficiencies that the project has delivered, the standardisation and automation of market data delivers greater confidence that the market is meeting its regulatory commitments. 

The move to straight-through processing, eliminating the need to re-key data and removing the risk of manual error, creates accurate, real-time underwriting data – this is a revolution for the Lloyd’s market and everyone involved should be proud of the results.” 

To learn more about the Binding Authorities Risk Bound Bordereau data standards please contact Phil Brown ( or Alan Stitzer (