London:
Today, Lloyd’s of London published its second blueprint- Blueprint Two, which aims to deliver significant operational efficiencies, making it simpler and more efficient for market participants to trade, with an estimated aggregate reduction of £800m in operating costs for brokers, underwriters and business partners.
It sets out the delivery plan for the next phase of its strategy to build the most advanced insurance marketplace in the world and This will enable the market to give more focus to value adding activities, such as product development, innovation and risk mitigation to improve customer outcomes.
The comprehensive programme and priorities detailed in Blueprint Two will profoundly transform the way in which customers get covered, right though to recovering from loss; this will be achieved by the redesign of the entire insurance lifecycle process – from placement through to accounting, payment, endorsements, claims, renewals and reporting – offering a seamless digital service for all Lloyd’s customers and stakeholders globally.
Blueprint Two represents the second phase of Lloyd’s ambitious Future at Lloyd’s strategy, following a year of substantial progress* laying the foundations to support the next phase of transformation. The plan builds on the goals** set out in Blueprint One, detailing the digital-led change and execution plan to build the solutions over the next two years, transforming the way in which Lloyd’s operates.
Blueprint Two sets out to achieve:
• Approved and clear data standards that will support the next generation of placement platforms and solutions at Lloyd’s.
• A new Lloyd’s marketplace gateway and super-fast processing capability that will allow cover to be evidenced and issued in minutes and simultaneously create technical accounting records.
• Automated claims recognition, routing and orchestration that will facilitate faster claims payments.
Bruce Carnegie-Brown, Chairman of Lloyd’s said: “The pandemic has demonstrated that Lloyd’s can adapt in a fast-changing environment and this has only increased our hunger to get on and make further change happen. As a market, we have the appetite and energy to execute on our plans for the future and in doing so, we have the makings of real, transformational change. Blueprint Two is our roadmap to get there and I’m confident that together we can make it happen.”
Jen Rigby, Chief Operating Officer and Executive Sponsor of Future at Lloyd’s, said: “The plans we set out in Blueprint Two will deliver truly revolutionary change for the market, ensuring the future of the Lloyd’s market is digital from start to finish, with data at its core. We’re now bringing to life the thinking in Blueprint One by practically showing how our future digital ecosystem will improve risk placement in the market and help customers recover from loss. It’s been an incredible journey so far and I’m excited about bringing these solutions to life over the next two years.”
Blueprint Two is a compelling two-year programme that brings to life the ambitions published in Blueprint One (September 2019), with tangible solutions that will radically shift the market to a digital ecosystem, powered by data and technology – ultimately delivering better value at a lower cost for its customers.