Lloyd's Unveils the 2nd Phase of Its Transformation Strategy

Lloyd's has launched the 2nd phase of its Future at Lloyd's strategy with the introduction of Blueprint Two, a 2-year program that aims to bring to life the transformation plans set out in September 2019's Blueprint One.

In a statement, Lloyd's said Blueprint Two "will radically shift the market to a digital ecosystem, powered by data and technology—ultimately delivering better value at a lower cost for its customers."

Lloyds' said the program and priorities detailed in Blueprint Two will transform the way the market's customers get covered, right through to recovering from loss. That transformation will be achieved by redesigning the entire insurance life cycle, from placement through to accounting, payment, endorsements, claims, renewals, and reporting, Lloyd's said, offering a seamless digital service for all Lloyd's customers and stakeholders.

Blueprint Two is the 2nd phase of Lloyd's Future at Lloyd's strategy. It follows a year of "substantial progress," laying the foundations to support the next phase of the market's transformation, Lloyd's said. Building on the goals set out in Blueprint One, Blueprint Two details the digital-led change and execution plan to build the solutions over the next 2 years, transforming the way Lloyd's operates.

Lloyd's statement said the improvements outlined in Blueprint Two "are a product of extensive market research, feedback, and collaboration." They're intended to deliver operational efficiencies that make it simpler and more efficient for market participants to trade, with an estimated aggregate reduction of £800 million in operating costs for brokers, underwriters, and business partners, Lloyd's said.

Lloyd's said Blueprint Two is intended to achieve the following.

• Approved and clear data standards that will support the next generation of placement platforms and solutions at Lloyd's
• A new Lloyd's marketplace gateway and super-fast processing capability that will allow evidence and issuance of coverage in minutes while simultaneously creating technical accounting records
• Automated claims recognition, routing, and orchestration that will facilitate faster claims payments

"The pandemic has demonstrated that Lloyd's can adapt in a fast-changing environment and this has only increased our hunger to get on and make further change happen," Bruce Carnegie-Brown, chairman of Lloyd's, said in the statement. "As a market, we have the appetite and energy to execute on our plans for the future and in doing so, we have the makings of real, transformational change. Blueprint Two is our roadmap to get there and I'm confident that together we can make it happen."

"The plans we set out in Blueprint Two will deliver truly revolutionary change for the market, ensuring the future of the Lloyd's market is digital from start to finish, with data at its core," Jen Rigby, chief operating officer and executive sponsor of Future at Lloyd's, said in the statement. "We're now bringing to life the thinking in Blueprint One by practically showing how our future digital ecosystem will improve risk placement in the market and help customers recover from loss. It's been an incredible journey so far and I'm excited about bringing these solutions to life over the next two years."