Lloyd’s leader issues Blueprint Two update after implementation delays

Lloyd’s deputy chief financial officer has hinted that the marketplace is looking to see progress on its Blueprint Two initiative in the coming weeks.

Speaking at the Fitch Ratings Insurance Insights event in London last week (23 January 2025), Alexandra Cliff said the programme was ”vital” and should be progressed in Q1 2025.

Blueprint Two aims to modernise business models, practices and systems within the Lloyd’s market.

Phase one will see a shift to the new Velonetic developed platform – a company partly owned by Lloyd’s and the International Underwriting Association (IUA).

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. 

At the Fitch Ratings Insurance Insights event, Cliff was asked whether delays for the implementation of the first phase of the scheme was deterring potential entrants to Lloyd’s.

Cliff said this was not the case and gave the first real hint that progress was imminent.

“It is not an obstacle,” she added.

”It is a vital programme for the market. It has seen some challenges, but it now has new leadership and looks set to be progressed in this quarter.”

Lloyd’s performance

Cliff was at the event to discuss the progress the market had made in recent years.

She said that the past six years had seen the market “laser focused” on improved performance and that this had been successfully delivered.

“However, we are certainly not complacent,” Cliff continued.

“We will not ease up in our efforts to drive performance.”

She added: “At Lloyd’s we see growth opportunities, but we want to ensure that we are creating the right environment to allow our members to seize those opportunities.”