Neal: Lloyd’s Blueprint Two will enable ‘better, faster and cheaper market’
Lloyd’s market modernisation programme Blueprint Two is moving to the execution and adoption phase with the support of leading technology vendors who have now agreed to introduce changes to their platforms to accommodate the new solutions for the London insurance market. CEO John Neal is confident that the transformative initiative will make the market “better, faster and cheaper”.
In collaboration with the London Market Joint Venture, ACORD Solutions Group, AdvantageGo, DXC Technology, TRACE, and Verisk, have committed to making the necessary system changes to support Blueprint Two programme execution and enable easy adoption for their customers.
Collectively, these vendors work with companies who represent over 80% of Lloyd’s total gross written premium. In addition, the five organisations support a significant proportion of London market insurers, working with over 60 carriers, as well as covering over 90% of GWP of the largest 25 London market brokers.
Blueprint Two aims to digitalise London market operations through a number of solutions that will make placement, accounting and claims settlement better, faster and cheaper.
“I’m really pleased to see the support from such key technology partners, which is integral to digitalising our marketplace. Their commitment marks another significant step forward on the journey to deliver Blueprint Two,” said Neal, chief executive officer of Lloyd’s.
“Over 100 insurers in the Lloyd’s and London market use these vendor platforms and without successfully integrating the Blueprint Two solutions into their systems, we would not be able to deliver the impactful and transformative changes that will enable a better, faster and cheaper market.”
Thomas Sebastian, chief executive officer, London Market Joint Venture, added: “Everyone must play their part to create the insurance marketplace of the future. I’m very pleased to see the commitment from all these organisations, working together to ensure they deliver digital-enabled efficiencies, accuracy, and speed as well as the potential to unlock further value for customers through their deep experience and expertise in the London market. We look forward to continuing our engagement with all these technology partners and further pledges of support.”
Tim Rayner, CEO of Verisk’s specialty business, said: “We can’t underestimate the complexity of the [Blueprint 2] undertaking. It’s ambitious but we owe it to London to get behind it and see it through.”
“To truly transform the industry, it is imperative that it has an irrefutable set of data standards and digital solutions if we are to meet the aspirations of moving to a digital-first insurance economy,” said Kishore Krishnan, head of AdvantageGo. “Blueprint Two is a practical and centralised plan that AdvantageGo fully supports. We believe it provides the foundations to empower sustainability and prosperity for our historic marketplace into the future.”
Chris Newman, managing director – global, ACROD Solutions Group, noted: “By providing real-time data exchange solutions aligned with Core Data Record through the ACORD GRLC Standards, the vendor community can ensure a common approach and understanding among stakeholders, ultimately maximising adoption of the modernisation program throughout the market.”
Ray August, president, insurance software and BPS, DXC Technology, commented: “Working with London-based customers that drive over $121 billion of annual premiums, it is a privilege to be a part of this important industry initiative to transform how business is transacted in the world’s largest insurance marketplace.”
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