’We’re re-evaluating our cutover strategy, exploring all possible options to segment cutover into smaller, more manageable components,’ says spokesperson
The implementation of phase one of the Blueprint Two initiative is set to be staggered, with plans for a market-wide full switch over seemingly abandoned for a more piecemeal approach.
Blueprint Two aims to modernise business models, practices and systems within the Lloyd’s market.
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.
Sources told Insurance Times that they had been told the initiative was set to go back to basics and the scope would be significantly tightened in an effort to get the scheme back on track.
While Lloyd’s quashed this talk, it revealed that it was re-evaluating its cutover strategy and was exploring options ”to segment cutover into smaller, more manageable components”.
A Lloyd’s spokesperson said: “The Blueprint Two team is working on a full end-to-end plan for phase one, which will include onboarding, bridging, commercial, options for cutover, operational readiness of both the corporation and Velonetic and the details of the traceability exercise currently underway, which will be available at the end of Q1.”
“As part of this plan, we’re re-evaluating our cutover strategy, exploring all possible options to segment cutover into smaller, more manageable components where possible, to help deliver a safe cutover for the market. We expect to share conclusions with customers at the end of Q1.”
Response
Phase one is set to see a shift to the new Velonetic developed platform – a company partly owned by Lloyd’s and the International Underwriting Association (IUA).
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Responding to Lloyd’s statement, people in the London market said there needed to be more clarity about the implementation of Blueprint Two.
One said: “What is a concern is that there is no mention of phase two and what it will look like.
”A phased approach is all well and good, but it needs to be delivered sooner rather than later. The longer this goes on, the greater the temptation for companies to do their own thing, particularly the brokers.”
A second added: “We need clarity on where Blueprint Two is heading. Artificial Intelligence (AI) is becoming a ever more important topic and those in the market are looking at how it can be implemented.
“If Blueprint Two is not progressed, then the danger remains that companies will decide they will simply do it for themselves.”
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