Insurance and reinsurance marketplace Lloyd’s of London said it made “significant progress” against its Blueprint Two goals in first-quarter 2023 in market adoption of the Faster Claims Payment (FCP) solution, which now covers over 70% of delegated business.
Lloyd’s said that work has been completed to define the delegated authority data strategy and establish a set of guiding principles, before launching the strategy at the end of Q2 2023.
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.
Blueprint Two, a two-year program that builds on the foundations laid by Blueprint One, focuses on shifting the market towards a digital ecosystem.
The Q1 2023 market readiness survey demonstrated continued progress in the market’s understanding of Blueprint Two solutions, the benefits and the changes that need to be made, the re/insurance marketplace noted.
“13 market firms have also been identified to potentially participate in the Vanguard programme, which aims to build out plans for early testing of the Joint Venture solutions,” Lloyd’s said. “Conversations continue to finalise participation,” it added.
