The global risk landscape is constantly evolving and currently, the rate of change is at breakneck pace. Global uncertainty in the UK market, rising inflation rates, and severe rate corrections following a period of unsustainably competitive pricing have exposed flaws in the way that we operate.
Both Brokers and Carriers need to operate in an increasingly complex and fast-changing world. The digitisation of the insurance industry is fundamental for insurance businesses to stay competitive and avoid costly manual errors in their day-to-day processes.
What is Blueprint Two?
Blueprint Two is a key stage in the goal of the Future at Lloyd’s programme to digitise the market, which lays out a roadmap of how to deliver new systems, processes, and data standards. This programme is focused on working collaboratively with the market to build solutions which make insurance better, faster, and cheaper for all Brokers and Carriers. Moreover, it helps customers face ongoing uncertainties in the market with confidence.
Why is it important for the market?
Blueprint Two sets out the details and plan to build the most advanced insurance marketplace in the world. By following the guidance in Blueprint Two, all market participants (Brokers, Carriers, and everybody in between) can unlock unprecedented ROI: capturing and updating a high-quality, accurate, Core Data Record; creating technical accounting ledger entries in real-time post-bind; and saving significant cost by avoiding error correction and rework.
So, how can market participants engage with Blueprint Two?
Lloyd’s has handily created a microsite for Blueprint Two 1, so market participants can quickly get to grips with the goals of this transformational programme. The website acts as a central point of communication for the market and provides further insight around the communities it is engaging.
As part of the wider Future at Lloyd’s programme 2, there are different community groups for Brokers and Carriers to participate in, to help shape Blueprint Two transformation solutions. These include advisory groups, user groups, external groups, and engagement forums.
The site also hosts a number of content artefacts, including two foundational playbooks that were supported by NTT DATA’s insight and reach into the wider insurance market, and it has an FAQ area 3 for Brokers and Carriers looking to find out more information on how they can get involved with Blueprint Two transformation initiatives.
Ultimately, the only way for Blueprint Two to be successful is to enlist the voices of the market and ensure everyone is working together to find the most efficient solutions. With an iterative approach, Lloyd’s wants to give early adopters the chance to get the benefits of these changes early and allow them to influence the solutions going forward. If we want to create a new market tailored to our needs and capabilities, then we need to be a part of the solution.
Our work supporting Blueprint Two
To help support Brokers and Carriers prepare for the changes coming with Blueprint Two, NTT DATA worked with Lloyds, LMA and LIIBA to create two separate foundational playbooks – one designed specifically for Managing Agents and the other for Brokers.
The aim of these playbooks is to equip all industry players with common, consistent insights regarding the guidance shared in Blueprint Two. Moreover, they have been designed to help market participants build a better understanding of the changes required, as well as empower decision making and planning for the next two years.
We made sure that each playbook can be used by different stakeholder groups across an organisation, and these assets provide additional support to allow Brokers and Managing Agents to build out their own strategy and implementation plans.
Learn more about our work creating the foundational playbooks with Lloyd’s of London.
External links:
[1] https://www.blueprint-2.com/
[2] https://www.lloyds.com/about-lloyds/future-at-lloyds/market-engagement