Key Technology Vendors Commit to Supporting Lloyd's Blueprint Two

A group of technology vendors has committed to supporting Lloyd's of London's Blueprint Two solutions for the London insurance market.

ACORD Solutions Group, AdvantageGo, DXC Technology, TRACE, and Verisk said they will introduce changes to their platforms to accommodate the Blueprint Two solutions.

Together, the technology vendors work with companies representing more than 80 percent of Lloyd's total gross written premium. In addition, the five organizations support a significant proportion of London market insurers, according to a Lloyd's statement, working with more than 60 insurers as well as covering over 90 percent of the gross written premium of the 25 largest London market brokers.

Each organization has committed to making the necessary system changes to support the execution of the Blueprint Two program and enable easy adoption for customers. Blueprint Two aims to digitalize the London insurance market operations through a number of solutions intended to make insurance placement, accounting, and claims settlement better, faster, and cheaper.

"I'm really pleased to see the support from such key technology partners, which is integral to digitalizing our marketplace," John Neal, Lloyd's CEO, said in a statement. "Their commitment marks another significant step forward on the journey to deliver Blueprint Two."

Lloyd's announced Blueprint Two in 2020 as the second phase of its Future of Lloyd's transformation strategy. In announcing Blueprint Two, Lloyds said that transformation will be achieved by redesigning the entire insurance life cycle, from placement through to accounting, payment, endorsements, claims, renewals, and reporting, offering a seamless digital service for all Lloyd's customers and stakeholders.