NTT DATA UK&I, a world leader in digital, data and technology services, has announced that it has produced The Blueprint Two Foundational Playbook for Managing Agents on behalf of the Lloyd's Market Association (LMA) and Lloyd's of London, to digitally transform the London Insurance Market.
Blueprint Two is the most ambitious and complex undertaking to transform the London Market operating model ever attempted and will impact all of 50 Lloyd's Managing Agents and their trading partners in the London Insurance Market. In readiness for the envisioned digital transformation 'cut over' in 2024, these organisations need to plan and execute a range of people, process, and technology changes.
The Lloyd's Market Association (LMA) wanted to help Managing Agents by providing them with a comprehensive and structured approach to understand and support their planning for the adoption of Blueprint Two and commissioned NTT DATA to develop a Playbook that provides a consistent and industrialised manner for this to be achieved.
Although the LMA drove the initiative it was jointly sponsored with Lloyd’s, and its execution was achieved through a collaborative approach between LMA, Lloyd’s, Managing Agents, and the Xchanging Joint Venture within the DXC Technology organisation.
NTT DATA has engaged with all the supplier organisations driving Blueprint Two changes, as well as several Managing Agents, to identify, analyse and build this end-to-end view to support the following objectives:
- Equip all Lloyd's managing agents with common, consistent insights, guidance and understanding on how to achieve 'on-time' readiness to embrace the positive changes Blueprint Two will present to the Lloyd's and London Market, i.e., what do managing agents need to do, with whom, by when?
- Inform &/or validate individual Managing Agents' own understanding of the changes required, options available, decision making and planning for the next two years.
- Provide a stepped approach for Managing Agents to define their change roadmap to adopt the Blueprint Two services and help them to decide on the track they want to take.
- Drive efficiency for LMA members where the analysis and guidance is only undertaken once, rather than by each member, and provide a consistent central source of information for all Managing Agents.
After being showcased to LMA Members, the Foundational Playbook is now live.
Rob Myers, Operations Director at Lloyd's Market Association, commented: "Special thanks to NTT DATA, Lloyd's and DXC Technology for the exceptional support and collaboration that made this happen. We have worked with NTT DATA to produce this playbook and assist managing agents with the preparation required for the implementation of 'Blueprint Two' market transformation initiatives. Doing Nothing is not an option for the market and this playbook starts to lay out the choices our Members have to Do Something.
Joe Dainty, Market Delivery Director at Lloyd's, added: "We encourage every managing agent to put the Foundational Playbook to work in their own organisation. It is necessarily agnostic in terms of managing agent size, maturity, operating model and vendor partner choices and we hope that every managing agent can put the Playbook to work in their own organisation. Our aspiration is that it will not only benefit their business, but it will facilitate a better future for LMA Members and the Lloyd’s and London market as a whole."
Dave Brooks, UK & Ireland Practice Leader, Insurance at NTT DATA UK&I, stated: “The delivery of the Blueprint Two playbook is a momentous occasion for the London Insurance Market as it marks the beginning of a digitally-enabled, data-first marketplace. This will be spurred by the integration of risk placement, with automated premium accounting and claims settlement. Once completed, it will create a more efficient Insurance chain, impacting a range of business sectors across the UK, not just Managing Agents.”