Those involved in Blueprint Two are determined to get the project over the line – however, market disappointment around delivery timetable is inevitable

By Jon Guy

Jon Guy

Jon Guy

The London market is remaining extremely stoic over the delay to phase one of its Blueprint Two initiative.

In June 2024, Lloyd’s announced that the twice delayed phase one would be further delayed into 2025, with no date set for the switch over to the new system.

This has led to talk in the market as to whether the system will ever see the light of day.

For those who have been a part of the project so far, the mood is one of determination – alongside a degree of disappointment.

A senior figure in the market told Insurance Times: “I know there have been schemes in the past which have come to nothing, but I really believe that this will succeed.

“It is crucial to Lloyd’s that the Blueprint is implemented and there is a clear determination that it will be delivered.”

The task at hand

For those at the heart of the project, there is also a view that the complexities of moving the transactional and payment operations of the world’s leading commercial risk and (re)insurance sector to a system befitting the 21st century have not been fully appreciated by those who have been quick to decry the pace of change.

“There are a lot of people in the market who simply do not understand the scale of the challenge that the market has been tasked to deliver,” one leading London market IT and technology expert told me.

“We are talking hundreds of billions in premiums and claims payments. We have to be 100% sure the system will work and those payments can be made before we make the changeover. We cannot be in a situation where claims are not paid on time

“The best way the task has been described is similar to being asked to change an engine while the plane is travelling at 700mph and at 30,000 feet.

“Problems during testing were quickly identified and they have been resolved. Now it is a case of moving forward.”

Looking ahead

Without doubt, Lloyd’s will move forward with its digitalisation project and despite Blueprint Two’s timetable changes, the market’s confidence is still clear to see based on those who have been tasked with delivery.

Some market commentators, however, feel that the project is still too far down the line to be an immediate concern – especially as the market has seen its fair share of technology initiatives come and go without being delivered.

Lloyd’s is battling across two fronts – firstly, the delivery of Blueprint Two itself and secondly, ensuring that the entire market is on board with the journey to change.

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