The next phase of Blueprint Two, an electronic platform developed by Lloyd’s and Velonetic, will be delayed beyond 2025. The delay follows extended testing efforts, according to Velonetic CEO Bob James.
Although we’re making good progress with completing the technology build, the new sequential testing approach, combined with the estimated time to get through all aspects of testing, will result in cutover not taking place during 2025
Bob James, chief executive officer, Velonetic
James emphasized that moving to the new platform will only occur after thorough testing. The strategy involves sequential testing, beginning with system-level checks, followed by internal Velonetic testing, vendor testing, and finally customer testing.
“We have a responsibility to only cutover to the new platform when it has been tested in a robust and fulsome manner,” James said.
“To do that we are working on a testing strategy that is sequential in nature systems testing, followed by testing within Velonetic, and then vendor, and ultimately customer testing, and we will only move to the next phase once the current phase has successfully completed.”
Advancement to the next phase will only occur when the current phase is completed successfully.
James noted that comprehensive testing improves code quality and allows for more end-to-end testing in a structured manner.
Sheila Cameron, CEO of the Lloyd’s Market Association, expressed support for the update, appreciating the transparency from Velonetic and Lloyd’s.
Given that Velonetic is responsible for approximately £120 bn worth of premium and claims transactions per annum, it is of critical importance that the effectiveness of this new technology is robustly tested by the market and that delivery is not driven by artificial deadlines.
Sheila Cameron, CEO of the Lloyd’s Market Association
Cameron said the LMA has consistently supported a milestone-based approach to delivering Blueprint Two. She believes the transparency shown will aid market planning throughout the year.
