’We are pretty excited about where we are,’ says chief operations officer
Lloyd’s of London has created new model office to highlight the future processes that Blueprint II will enable.
In a Q2 2023 update yesterday (29 June 2023), Lloyd’s said the office would use interactive storyboards to explain new technology solutions being built through the programme and the benefits it would bring for brokers and underwriters.
It will be based in gallery three in the Lloyd’s building in Lime Street and expand to the Joint Ventures space in Q4 2023.
Lloyd’s will also bring the model experience online by the end of September 2023 and create more content over the coming months.
Chris Halbard, chief executive of London Market Joint Ventures, said “As we now come into the second half (H2) of 2023, we’re at an inflection point.
“Now we move into deployment and then adoption.”
London Market Joint Ventures comprises of shareholdings of DXC Technology, the International Underwriting Association and Lloyd’s, the Joint Ventures, XIS and XCS, have been providing Business Process Services (BPS) to the London insurance market for over 20 years, handling over £100bn worth of premiums and claims and over 200m messages annually.
Blueprint II is Lloyd’s programme to deliver a digitalised marketplace for its members and is working to create clear data standards, processing capability and automatic claims recognition.
The £300m digital revamp project was begun in November 2020 following the culmination of Lloyd’s Future at Lloyd’s digital transformation initiative in 2019.
Lloyd’s said Blueprint II had made strong progress in H1 2023 and is on track to deliver its roadmap throughout 2024.
Bob James, chief operations officer at Lloyd’s, said: “We are pretty excited about where we are.
“We are not saying that out of hubris or a sense of ‘it’s going to be easy now’, but we are saying it from the standpoint that now is the time to understand the minimum that you’ll need to do to get ready for the deployment of the new digital platform.”
For H2 2023, Halbard said he that he wanted market participants to be clear on what needed to happen and by when – in terms of migration, technology and people – as well as the tools needed to do that.
Halbard continued: “Everyone is starting at a different place and therefore there isn’t one set path, migration, set of vendors, bespoke messages or IT that has been specified as the only way to go.
“I don’t think it will be totally smooth, but we’ll work through.
“The hardest part of this journey is we are writing down the process, improving [this] and then linking the tech and the people. There’s a lot of training to be done.”