The specialist Lloyd’s insurance and reinsurance marketplace has confirmed that all London market technology vendors that interact with the existing central services have pledged their intent to introduce changes to their platforms to accommodate the new Blueprint Two solutions for the London insurance market.
According to Lloyd’s, Blueprint Two will digitalise London market operations through solutions that will make placement, accounting and claims settlement better, faster and cheaper.
The announcement was made in conjunction with the London Market Joint Venture and follows the news that five vendors, ACORD Solutions Group, AdvantageGo, DXC Technology, TRACE, and Verisk, which represent over 80% of Lloyd’s total Gross Written Premium, had pledged their support.
Lloyd’s suggests that all vendors currently known to be working with its existing central services have now made the pledge, with some offering comments on the new Blueprint Two solutions.
Aidan O’Neill, CEO of DOCOsoft, said, “At DOCOsoft, we’re strong supporters of the Blueprint Two initiative. Once the core systems have been developed and modernised, this market will be far better placed to operate efficiently and leverage the power of data.
“DOCOsoft is fully committed to our ongoing close collaboration with our carrier clients and with everyone involved in Blueprint Two to ensure it achieves its full potential. This will benefit all market participants and, crucially, the end-user customers this market serves.
“If market bodies, carriers, brokers, customers and core system vendors all work together to make this happen, London can once again emerge as a true centre of excellence in insurance innovation.”
Kirstin Duffied, CEO of Morning Data, added, “Blueprint 2 is a once-in-a-lifetime opportunity and one, as a market, we must not squander. To see the change we need to talk the same language and in data terms that means standards.
“Using ACORD standards to share data, opens the opportunity to leverage the value of that data for different purposes, not just to submit it to a new digital gateway, but for each broker and carrier to take steps towards their broader digital strategies. Always mindful the (re)Insured is the focus and the competitive edge for each broker is theirs to own and is unaffected by this initiative.
“But the set of rules and clear unambiguous requirements allows Vendors, like Morning Data, to support their clients towards lower frictional costs and better insights into their business. To this end, we have already built the CDR into the heart of our products enabling Brokers and Coverholders to go data first today.”