The Lloyd’s Market Association (LMA) has released an updated version of its playbook for managing agents to provide them with the tools and knowledge needed to implement the Blueprint Two market transformation initiatives.
“Blueprint Two is a pivotal moment for the London insurance market, as we take a major step to a digital-first mindset across the sector. Blueprint Two implementation and adoption will deliver substantive and value-creating change across the Lloyd’s and wider London market through digitalisation,” LMA explains.
Noting: “The Playbook aims to inform managing agents on what they ‘must do’ and ‘should do’ by when. It is complementary to the recently published adoption guide and has been prepared in collaboration with Lloyd’s and Velonetic.”
As phase one of the Blueprint Two solutions are due to go live on 01 July 2024, firms will have less than a year to prepare for the testing and cutover.
Therefore, it is vital for managing agents to be aware of, and can access, the key information needed to navigate the implementation phase.
Matt Unsworth, Transformation Director, Lloyd’s, said: “As we approach the delivery of Blueprint Two through 2024, the refreshed Playbook will support managing agents with their adoption of the new digital solutions.
“It’s a great example of the collaboration between the LMA, Velonetic and Lloyd’s to aid market participants and their understanding of the changes ahead.”
This updated version is a continuation of the Foundational Playbook launched a year ago. It will act as a leveller to collate all the information on the programme and the associated people, process and technology changes.
Moreover, LMA highlights, the Playbook will provide Lloyd’s managing agents with consistent insight and guidance on how to incorporate the changes Blueprint Two will present to the market.
When the Foundational Playbook was written managing agents were left with a number of concerns. During the past year, the market has made an effort to address these, and the updated Playbook provides a more comprehensive view of what, when and how action should be undertaken by managing agents.
The Blueprint Two Playbook will be available online only, according to the LMA, this is to ensure it is easily accessible and simple to maintain with new or revised content.
Rob Myers, Operations Director at the LMA, commented: “The LMA remains committed to arming our members with all the information necessary to navigate the changing world of insurance and to be prepared for the digital revolution taking place.
“This Playbook builds on what we provided in 2022, fills gaps in knowledge and consolidates understanding in one place. Collaboration with colleagues at Lloyd’s and Velonetic throughout the production has been excellent. We position this as essential reading for managing agents to assist with preparation for what is happening over the next nine months and beyond.”
