Nearly two years after Lloyd's abandoned Kinnect--the failed multimillion-dollar electronic trading platform--a new messaging system with a smaller cost to users is being studied.

With more than 70 percent of premium transactions and 75 percent of claims now being processed electronically, Lloyd's is looking to streamline its risk placement process, according to Louise Shield, head of Lloyd's Communications, Corporate Services in London.

"We've made good progress over the course of the last year in terms of business process reform," she said, explaining that the Lloyd's markets have "asked us to look into the possibility of providing a messaging hub, which would essentially be providing a service so that businesses can talk to each other and interact via this hub."

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