Blueprint Two delayed to 2028 as cost implications revealed

Lloyd’s of London has said it does not expect the re-platforming element of Blueprint Two to be completed before 2028.

Blueprint Two is the marketplace’s road map for digitising the London market.

Launched in November 2020, it piggybacks off its predecessor plan, Blueprint One, which was published in September 2019 after the marketplace formally revealed its Future at Lloyd’s digital transformation strategy in May 2019.

In June 2024, Lloyd’s announced that the twice delayed phase one would be further delayed into 2025. Its technology provider supporting the project, Velonetic, then confirmed that Blueprint Two’s phase one cutover has been pushed back further still into 2026.

Now Lloyd’s chief executive Patrick Tiernan has said that the marketplace does not expect the re-platforming element of Blueprint Two to be completed before 2028.

He also said that market testing will not commence before 2026 and that when it does commence, due to earlier design choices, extensive testing is vital to verify that the re-platforming will deliver to the market’s needs.

“There will be cost implications of this more realistic timeline,” Tiernan added.

“We have not yet completed the full assessment of what these may be and I’m therefore not able to share them with the market today.

“However, my expectation is that it will not require any further market levies or capital raises. This will be confirmed once the full assessment has been completed.

“I have committed to keep the council and the LMA board updated quarterly on all aspects of this programme including past and future costs.”

Transition 

Tiernan also highlighted that “we are committing to keeping heritage systems operationally resilient until at least 2030, so the market can be assured of long-term stability”.

“Completion will not automatically yield material savings to the existing cost base, as has been floated previously,” he said.

“But market participants will have more scope to compete on differing operating models.

“I recognise that this update will come as a disappointment to many. I am fully aware that the market has waited too long for the delivery of this project. I acknowledge the challenges this has posed for firms seeking to plan their own technology initiatives with confidence.

“The market asked me for transparency. Today I’m delivering that transparency on operational resilience.”