The marketplace’s chief executive said vendor support was essential to achieve adoption milestone

Lloyd’s of London has postponed two open market milestones originally intended to be reached in the third quarter of 2022, according to its quarterly update on Blueprint Two published last week (29 September 2022).

The two postponed milestones were the provision of API (application processing interface) specifications for a digital gateway and the building of a proportional treaty system.

Blueprint Two is Lloyd’s of London’s programme to deliver a digitalised marketplace for its members and is working to create clear data standards, processing capability and automatic claims recognition.

Lloyd’s said it postponed the API milestone so that it could ensure the interface’s specification aligned with Acord standards – the market is continuining to work alongside an Acord-managed market working group to produce implementation guidance.

The proportional treaty system build was delayed so that a single market acceptance test can be performed on all work under the joint venture contract build in Q4 2023.

Despite these postponements, one major market milestone was achieved in this quarter – continuous contracts.

Lloyd’s revealed that “binding authority contracts will be capable of being granted as continuous binders”, although this would be optional for in-scope binders.

Additional operational requirements for subscription binding authorities and the detailed scope and guidance have been published to aid managing agents. 

John Neal, chief executive of Lloyd’s, said this “marks another significant step forward on the journey to deliver Blueprint Two”.

Execution and adoption phase

On the flipside, Neal said that Blueprint Two will be moving to the execution and adoption phase with the support of its five technology vendors.

He noted that more than 100 insurers within the London market use these vendor platforms, but that without the “successful integration of the Future at Lloyd’s solutions to their systems, we would not be able to able to deliver the impactful and transformative changes we wish to see”.

Vendors who have agreed to introduce changes to their platforms include Acord Solutions Group, AdvantageGo, DXC Technology, the International Underwriting Association of London and Verisk.

Neal added that he was confident that the initiative would make the market “better, faster and cheaper”, but that support would be paramount from all five technology vendors.

Thomas Sebastian, chief executive at London Market Joint Venture, said: “Everyone must play their part to create the insurance marketplace of the future.”

Acord Solutions Group managing director Chris Newman explained that, by providing real-time data exchange with the Core Data Record through the Acord GRLC Standards, “the vendor community can ensure a common approach and understanding among stakeholders”.

Newman believes this will maximise the adoption of the modernisation program.