Lloyd’s sets out timetable for radical digital transformation programme

Lloyd’s has today published the second part of its transformation strategy, comprising a schedule for delivery over two-years of its ambitions set out in September 2019, promising "tangible solutions that will radically shift the market to a digital ecosystem, powered by data and technology".

Blueprint Two will, it says, transform the way in which customers get covered, right though to recovering from loss, through a completely redesigned insurance lifecycle, from placement through to accounting, payment, endorsements, claims, renewals and reporting.

Jen Rigby, COO of the Future at Lloyd’s programme, said: “The plans we set out in Blueprint Two will deliver truly revolutionary change for the market, ensuring the future of the Lloyd’s market is digital from start to finish, with data at its core. We’re now bringing to life the thinking in Blueprint One by practically showing how our future digital ecosystem will improve risk placement in the market and help customers recover from loss. It’s been an incredible journey so far and I’m excited about bringing these solutions to life over the next two years.”

The market's plans aim to deliver significant operational efficiencies, making it simpler and more efficient for market participants to trade, with an estimated aggregate reduction of £800m in operating costs for brokers, underwriters and business partners.

Chairman Bruce Carnegie-Brown, added: “The pandemic has demonstrated that Lloyd’s can adapt in a fast-changing environment and this has only increased our hunger to get on and make further change happen. As a market, we have the appetite and energy to execute on our plans for the future and in doing so, we have the makings of real, transformational change. Blueprint Two is our roadmap to get there and I’m confident that together we can make it happen.”

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