NTT DATA and IUA join forces with Lloyd’s and the London Market Joint Ventures | NTT DATA

Thu, 19 January 2023

NTT DATA and IUA join forces with Lloyd’s and the London Market Joint Ventures to prepare a playbook for Company Market carriers for digital transformation of the London insurance market

NTT DATA UK&I, a trusted global innovator in business consulting and IT services, has today announced that it has supported the delivery of the Blueprint Two Foundational Playbook for the Company Market created by the International Underwriting Association (IUA) and London Market Joint Ventures (JV) supported by Lloyd’s.

The release of this new Foundational Playbook represents the third instalment in a series from NTT DATA to support the preparation for a digital future by those firms operating in the London Market. It follows the Blueprint Two Foundational Playbook for Managing Agents, created in partnership with Lloyd’s and the London Markets Association (LMA), and the Blueprint Two Foundational Playbook for Brokers, which was created with Lloyd’s with support from London & International Insurance Brokers Association (LIIBA). Now, NTT DATA has supported the IUA and the London Market Joint Ventures, supported by Lloyd’s, to help prepare a playbook for Company Market carriers for the digital transformation of central services that will be brought on by the implementation of Blueprint Two solutions.

As a critical community in the London insurance market, it is vital to help Company Market Carriers prepare for the changes coming with Blueprint Two. Furthermore, the success of Blueprint Two hinges on the readiness of each and every Company Market carrier to implement change for the cut-over to new digital services. The IUA, London Market Joint Ventures and Lloyd’s want to provide carriers with the information necessary to support their in-house digital pathway planning, budgeting, and operational change activities so that every carrier can benefit from an advanced, digital insurance marketplace.

Blueprint Two is designed to improve the London insurance market by making it better, cheaper, and faster for all participants to utilise central services by standardising the data flows to globally recognised ACORD standards and digitalising the services provided by Xchanging Ins-sure Service (XIS) – a Joint Venture between the IUA, Lloyd’s and DXC Technology. However, for the implementation of Blueprint Two to be successful, the workforce behind the London insurance market must be supported in preparing and implementing the changes into their daily work. Therefore, NTT DATA was brought in to support the production of three Foundational Playbooks to assist managing agents, brokers, and Company Market carriers and provide the required support as they begin their digital transformation.

Shaun Howarth, Insurance Practice Director at NTT DATA UK&I, commented: “Building on the momentum of the last two Playbooks supported by NTT DATA, Lloyd’s, and the LMA and LIIBA respectively, we have worked with the IUA and London Market Joint Ventures to support this new Playbook to help Company Market Carriers understand their requirements and provide them with a suggested approach to implementing Blueprint Two recommendations. We pooled our mutual extensive expertise with the team at the IUA and London Market Joint Ventures, with the support of Lloyd’s to offer clear and detailed advice to drive forward the digital transformation of the London insurance market. We are looking forward to continuing to support the insurance industry over the coming months as it continues to adapt to the Blueprint Two guideline.”

Louise Day, Chief Operating Officer at the IUA observed: “I am delighted that we have been able to work with the London Market Joint Ventures and NTT Data to publish this foundational playbook that will help Company Market carriers start to understand what they need to do in order to adopt the new digital claims, accounting and settlement services currently under development.  This is a generational improvement in capability and we will ensure that our members are kept abreast as further detail becomes clear over the lifetime of this complex transformation”.


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