Neal issues Blueprint Two update after phase one delayed to October

Lloyd’s CEO John Neal has said that phase one of Blueprint Two will be implemented when there is confidence that the technology works.

The market cutover for Phase One implementation has been moved from July to a new target of October 2024, it was revealed.

The Blueprint Two programme sets out a vision for the end-to-end modernisation of business models, practices and systems at Lloyd’s, overhauling paper-based processes and implementung a digital, data-led, automated approach.

The decision to delay was driven by feedback shared from market participants and their respective market associations, according to Lloyd’s and its technology partners.

During a media briefing, Neal said Lloyd’s will ”finalise a new milestone plan for the market, which should take us to that target cutover date of October”.

“We will not move the market to phase one of the digital services unless we’re confident that the technology works. By moving the crossover period, we will provide the market participants an additional three months to undertake their own internal testing and assurance activities ahead of any cutover,” he added.

“We are still delivering activity that allow us to achieve a safe cutover, together,” said Chris Halbard, CEO of Velonetic, the technology firm partnered with Lloyd’s.

“The decision to move cutover has been driven by feedback shared from market participants and their respective market associations,” he said.

“We are committed to ensuring a safe cutover for all market participants and system vendors, and provide more information in our news item. This includes the work we are doing through April with Lloyd’s and market associations,” Halbard added.

Neal commented that Lloyd’s would be able to continue innovating and performing in the years ahead as profitability grows.

“That will be supported by digitalisation through Blueprint Two, which is designed to reduce friction, cost and complexity in our marketplace,” he said.

“[We] will continue working alongside the market associations to ensure we can safely deliver phase one of Blueprint Two before we look ahead to the benefits that will be delivered through phase two, including digital placement of risk in 2025,” Neal added.