Lloyd’s has set out how it intends to engage with the market for Blueprint Two.
Published on its website, it outlined three areas under which it was tackling engagement: the formation of a single market readiness team that will work with the joint venture; the segmenting of the market its third parties into ten groups to beknown as ‘communities’ or The EC10; and the production of key artefacts that include solutions outlines, benefit cases, implementation playbooks, and tracking tools.
Lloyd’s wrote: “This month we have met with eight of the communities and have introduced them to their market readiness partners. But this is just the start, and there is a lot of work to do; from setting one-to-one meetings with each of the firms, focused planning sessions to assess their business case and benefits, working on bespoke readiness plans, and involving them in market acceptance testing.”
It added: “We are also looking to identify a Blueprint Two champion at each carrier and broker that can work with their market readiness partner, as a key point of contact in their organisation. Once these have been agreed we will update this page with that information.”
In segmenting the market and its third parties, Lloyd’s said it had broken it down into six carrier, three broker and one vendor community made up of about 15-20 companies in each group.
It wrote: “One of our broker communities is larger to cover all mid to small sized brokers – of which there are many! The communities (where possible and practical) have been segmented broadly on the vendor they are using (e.g. DXC, Verisk or AdvantageGo). Grouping this way creates a community that will have similar requirements, challenges, and solutions to technical change. While technology is not the only change, the market must make, it can often be the hardest to deliver – so it makes sense to group together and involve the vendor in our conversations.”
The stakes seem particularly high for Lloyd’s around Blueprint Two. In January, CEO John Neal said that the success of the market depended on the strategy’s effective implementation.
Back then, Neal said: “2022 is an important year of change for our market, so it’s vital that organisations begin preparing to adopt the solutions. Our hope is that this detail allows everyone to prepare the ground within your own business to be ready as the solutions are rolled out, inspiring confidence in the significant change we’re delivering through Blueprint Two.”
Lloyd’s set out the next phase of its transformation plan with the release of its second blueprint for change back in November 2020, following the roll-out of the first blueprint in September 2019.
At the time, the re/insurance marketplace claimed that Blueprint Two would “redesign the entire insurance lifecycle process” from placement through to accounting, payment, endorsements, claims, renewals and reporting.
