Lloyd’s and Velonetic have postponed the Blueprint Two phase one digital services launch, initially set for October 2024. This decision aims to ensure safety and reinsurance market preparedness.
Both the Velonetic Board, shareholders, and Lloyd’s Council support this move.
John Neal, CEO of Lloyd’s, stated that the delivery of phase one has encountered challenges, particularly with testing. Market testing of the new platform is progressing but is eight weeks behind schedule due to onboarding and integration issues.
As we progress with delivery of phase one, we’ve faced challenges which have impacted our timelines, particularly with testing. We’re confident we can resolve defects quickly, and encourage the market to maintain momentum with their own testing schedules.
John Neal, CEO of Lloyd’s
Both Velonetic and Lloyd’s prioritize a secure transition to Blueprint Two phase one digital services for all participants and vendors. Given the delays, they find it appropriate to postpone the cutover.
Lloyd’s Blueprint Two programme will be delivered overall in 2024. There will be a one to two quarter delay in the delivery of some solutions within Lloyd’s of London’s digital transformation project Blueprint Two – but the programme will still be delivered overall in 2024, according to John Neal.
Although Lloyd’s still had “catching up to do” around digital transformation, the market still has an opportunity to get ahead.
Blueprint Two is making things cheaper. With full adoption in the marketplace, insurers will see at least a 40% reduction in market processing costs.
These key activities include:
- Completing the technology build safely
- Maintaining testing momentum, as well as training and onboarding users
- Providing assurance to market participants
- These activities will enable internal governance and decision making to sign the new agreement and notify the regulator.
The transition will occur only when it is safe, with comprehensive plans and nearly completed key activities. A new cutover date will be decided based on market feedback.
Velonetic and Lloyd’s, with input from the market associations, are working through a revised plan and testing schedule, setting out the key activities that will contribute to a safe and successful cutover. The new plan will be shared as it is developed.
