How Blueprint Two will transform insurance

During the latest Insurance Post Podcast, how market feedback shaped Lloyd’s timeline for digital transformation and the benefits the industry will see from Blueprint Two are outlined by the team delivering the programme.

At the time the podcast was recorded earlier this year, the Blueprint Two digitalisation programme was due to be delivered in two phases, with phase one going live in a single market cutover on 1 July.

Phase two services was planned to go live in October 2024 after the end of last year saw this deadline moved to 2025, in order to respond to the Lloyd’s Market Association’s request for extra time to bed in.
 
Prior to this podcast being shared on Wednesday 27 March, Post understood the timeline for Blueprint Two was set to be pushed back again.
 

Everyone will have a different idea about how they can make the best out of it and squeeze value out of it. I am really excited to see what the market comes up with.

At the time of the recording, the technology build being delivered by Velonetic was firmly on schedule, according to those overseeing Blueprint Two, but the podcast also sees market participants including Kim Darrington, senior executive for market modernisation at the International Underwriting Association, and Matt Carter, specialty markets director of Altus Consulting, sharing why some may have been struggling with their preparations for the switch-over.

Steps that can still be taken by those who fear they aren’t keeping pace with Blueprint Two’s deadlines are also outlined by the pair and Matt Unsworth, transformation director of Lloyd’s, shares his views on how the switch-over will transform the insurance industry.

Unsworth said: “We are trying to deliver something future proof, that can evolve, and take advantage of technology in a way that we just haven’t been able to do before.

“Because of the size of it [Blueprint Two], it has to be done in phases, of course, with a huge step in 2024 and as the market starts to change how it interfaces with the technology there won’t be any one journey or flavour of that.

“Everyone will have a different idea about how they can make the best out of it and squeeze value out of it. I am really excited to see what the market comes up with.”

Alvaro Montenegro, product and technology director of Velonetic, said monumental work is taking place but added Blueprint Two isn’t the final destination of the tip of Everest for insurance – it is “just base camp.”

He said: “From now on, the future looks very bright. The change capability both in the hub and also from our customers means learning how to change means we can practice this every year, six months, and so on.

“We don’t have to wait another 10 years for another step change. We become a lot more adaptable and flexible towards the future of an insurance market that can have different swathes.” 

As well as being able to listen to the podcast by clicking on the player above, you can also download and keep this episode of the Insurance Post Podcast to listen to anytime, anywhere you want to. 

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