Context
Blueprint Two is the Lloyd’s strategy to deliver change in the Lloyd’s market through the building of solutions to digitise the market to improve it, and make it “…better, faster and cheaper…” for all participants. It is a response to global risk landscape changes, the ultimate aim being to help customers face these new risks with confidence.
Key points to note and next actions
A new London Market committee has been established by the International Underwriting Association (IUA) to review progress on the adoption of new digital services. Under the Blueprint Two programme a single digital platform is being established for processing premiums and claims. A target date of October 2024 has been set for insurers to cut over to phase one of these new services.
The IUA’s Cut-over Review Committee will review information about the readiness of the London company market, and its technology partner Velonetic, to make this switch. It will advise the IUA Board, so that it can be assured there is no reason to recommend not cutting over to the new services. The new committee will meet at least monthly until the switch to new digital processing services has been achieved.