Lloyd’s provides Blueprint II progress update after ‘great’ 2022

Lloyd’s of London chief executive John Neal has said 2023 would be an “important year” for the delivery of Blueprint II following “great progress” in 2022.

Blueprint II 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.

The £300m digital revamp project was begun in November 2020 following the culmination of Lloyd’s Future at Lloyd’s digital transformation initiative in 2019.

A roadmap published in January 2022 detailed the digital solutions Lloyd’s wanted to deliver and outlined how it planned to provide support throughout the digital transition process.

Neal said Lloyd’s made “great progress” in the months that followed the publishing of its roadmap document.

“2022 marked a great year of progress for the programme,” Neal told journalists in an results call last week (23 March 2023).

“We [will] continue to deliver at pace in 2023 to complete the build and technology change to allow adoption through 2024.

“2023 will be an important year for the delivery of the Blueprint II transformation programme as we seek to build the digital infrastructure that will enable a better, faster and cheaper marketplace.”

‘Critically important’

Blueprint II sets out a vision for the end-to-end modernisation of business models, practices and systems within Lloyd’s – this is to overhaul paper-based processes and implement a more digital, data-led and automated approach.

Some of the blueprint’s features – expected to be effective in 2024 – are the use of a core data record (CDR) for consistent data standards and an intelligent market reform contract (IMRC).

As part of Blueprint II, the newly established London Market Data Council (LMDC) agreed the scope and approach of the CDR and IMRC to standardise the data Lloyd’s uses across the London market.

Neal said he was “excited” by the support of the LMDC, adding that engagement with the market would be crucial as Lloyd’s looks to move forward with Blueprint II.

“[We are] genuinely not concerned about the delivery of the technology and we are excited by the support we’re getting from the data council around the data changes, which are critically important,” he said.

“What we do need to do is ensure that our engagement with the market is as strong as it can be because it really is now all about adoption.”