Amwins, Aon, BMS Group, Gallagher, Howden, Consilium and Costero have started using the new market reform contract (MRC v3) marking the first step to the full adoption of Blueprint Two.
The two-year program builds on the foundations laid by Blueprint One in September 2019 and focuses on shifting the market towards a digital ecosystem.
MRC v3 plays a key role in the Blueprint Two modernisation process, enabling accurate, ACORD-standardised data, including the core data record (CDR), to flow through the entire insurance transaction lifecycle with minimal human intervention.
Sheila Cameron, Chair of the Data Council commented: “It is exciting to see that the hard work done by so many teams across the market is coming to fruition, with early adoption by a number of broking houses so that they can get up and running with the MRC v3 as a first step towards digitalising our market.”
The Data Council, the Associations and Blueprint Two are seeking market-wide adoption of MRC v3 in the longer term; the seven brokers have become early-adopters as they have submitted the new contracts within a month of its launch.
Lindsey Davies, Director of Operations at Amwins said: “Amwins brokers have embraced the new format of MRC v3. It was relatively easy to move to (once we created templates) and helps with the transition to Blueprint Two digital services.”
Suzanne Bazire, COO at Consilium Insurance Brokers Limited, has also shared some comments regarding the transition to a digital ecosystem and its benefits. She stated: “At Consilium, we are proud to be supporting the vision promoted by Blueprint Two of a digital marketplace.
“The implementation of the MRC v3 will allow us to create a more comprehensive contract document and prepare us for the implementation of the CDR which will in turn lead us to faster, more accurate payments to insurers and better claims services for our clients. The capturing of the core data fields will also allow us to make data-driven strategic decisions.”
Costero’s Director of Operations, Jessica Knowles, Shares similar thoughts: “Costero is proud to align itself with Lloyds’ initiative by embracing MRC v3, contributing to the market shift towards complete digitisation. This transition to MRC v3 signifies our commitment to enhancing services, ultimately resulting in increased benefits for our valued clients.”
