Blueprint Two sets out the plan for the Lloyd’s insurance marketplace to operate in a new digital environment by the end of 2024. As elements of the “digital transformation” programme are achieved through key milestone deliverables, Lloyd’s and London Market participants will be moving closer to realising the benefits of a digital marketplace: significantly reducing costs by removing inefficiencies, increasing innovation and improving customer experience.
So what do you need to consider as you pace yourself through Blueprint Two’s ambitious timeline? After all, 2024 really isn’t that far away!
Whilst the Blueprint Two requirements will differ depending on your organisational role within the Lloyds and Company Market’s, Lloyd’s has outlined four key considerations to get “benefits ready”. Here’s a reminder of these considerations which should apply to all organisations looking to benefit from the digital evolution of the market.
1. Data Mindset
As with any digitalisation strategy, data sits at the heart of the Blueprint Two programme. Lloyd’s is aiming to create a data-first environment, through the creation of the Core Data Record (CDR). This will help standardise data across different stakeholders, enable information to be automatically uploaded via the Digital Gateway, and speed up end-to-end processes.
To take advantage of this much-needed improvement, it’s vital that stakeholders adopt a data-first approach and review their business systems strategy – or perhaps put one in place. This should involve reviewing the data architecture, governance and processes, ensuring formats align with the requirements of the CDR and other internal and partner systems. Automated data validation via the Digital Gateway will give those taking advantage of the Digital Services a major benefit in terms of speed and accuracy – so it’s imperative that participants start planning to get their data in the right structure now.
2. Connected Technology
Through the transformation of the Lloyd’s and Company Market systems and processes, Blueprint Two is enabling improved services directly with the London Market as well as the strengthening of the wider ecosystem – allowing stakeholders to connect together as a whole and improve efficiency, accuracy and the potential for innovation through more collaboration.
It’s imperative that participants review existing technology solutions, such as internal policy and claims software, to ensure that the entire technology stack can work seamlessly as a whole as the London Market enters this next phase of development. The question is not “how can I make my system conform to Blueprint Two?”, but rather “is my system open enough to be able to cope with changes as Blueprint Two and the market evolves?”. This question can be properly answered with existing technologies.
Those making the most of the evolution of the London Market will integrate their internal systems with the Digital Gateway, IPOS (International Premium Orchestration Service) and ICOS (International Claims Orchestration Service), and will ensure their system is open via detailed and well documented APIs to capitalise on further developments.
It’s vital that stakeholders review how connected their “connected technology” is. It’s not simply a case of having API connectivity, as there will be various levels of functionality and performance depending on the APIs themselves. Forward thinking participants will be working with their systems providers to ensure they know exactly how this connectivity will work, what the limitations or opportunities may be, and what the process will be for fully automating connection with the London Market and partners for placement, claims, administration and other core connected services.
3. Your digital organisation
Beyond having the right data strategy and connected technology in place, it’s equally as vital – though easy to overlook – that the organisation and structure is in place to move to the “new world”. This will require assessing what a best-practice “digital first” organisation looks like, in terms of talent, strategy, objectives, culture, organisational structure and processes.
Blueprint Two exists to make life easier and services better, not distract companies from their core business objectives. However, those who fail to fully consider what impact it will have on the business as a while, and most importantly the talent required to really embrace the transformation that the process offers, will likely get left behind.
4. Adoption ready
So you’ve got the data, tech and organisational strategy to adapt to the new tech world, but how will you roll it out and ensure your business is set to adapt to change? It’s time to get practical and embed the ethos of always being “adoption ready” throughout your digital evolution. This doesn’t start with a one-off “transformation” programme: organisations that succeed will have an Agile approach, ready to adapt as technology continues to improve and can respond to the unexpected, with the leadership and communications processes in place to make sure this is adopted across the entire organisation.
Ready to embrace the future marketplace?
If you’d like to learn more about how to modernise for Blueprint Two and be ready to embrace the future Lloyd’s insurance marketplace, download our whitepaper on the 7 steps to prevent digital transformation costs from spiralling out of control, or just contact our friendly team of insurtech experts.