Lloyd’s ‘sunsets’ name and original vision of Blueprint Two after review

Insurance marketplace Lloyd’s has decided to “sunset” Blueprint Two’s original vision.

In the marketplace’s financial results report today (19 March 2026), it was revealed that its council approved the decision to sunset the name and original vision of Blueprint Two following a comprehensive review.

In his own statement, chief executive Patrick Tiernan said ”the project has not yielded the benefits that were originally envisioned”.

He added: “Blueprint Two was a courageous undertaking. We have learned a great deal. However, despite the efforts of many skilled and committed people, the project has not yielded the benefits that were originally envisioned. We have, therefore, taken the decision to sunset some of the project’s original vision.

”The technology being deployed by market participants has advanced markedly since Blueprint Two was first conceived. Lloyd’s has a critical role to play in setting standards and organising data. Where we have data that is useful, we will share it with the market.”

Project delays

Launched in 2020, Blueprint Two had been Lloyd’s road map for digitising the London market. The insurance marketplace labelled the initiative – designed to be implemented through two phases – as its “ambitious strategy to deliver profound change in the market through digitalisation”.

However, 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 had been pushed back further still into 2026.

Tiernan went onto announce in September 2025 that the marketplace does not expect the re-platforming element of Blueprint Two to be completed before 2028.

He said in his latest statement: ”We remain committed to supporting the re-platforming of the market to a resilient, cloud-based operational infrastructure, increasing operational resilience and reducing costs.

“This must be done on a phased basis with minimum disruption to the market.

”We have a clear understanding of our role as a minority shareholder in Velonetic. We will work closely with Velonetic – alongside our counterparts at DXC and the IUA – as it moves forward with its revised plan.”

The council also endorsed a delivery approach based on close collaboration with Velonetic, fellow shareholders and market associations, with priorities centred on maintaining operational resilience on a rolling five-year forward basis, progressing market-led modernisation on an incremental basis and creating a clear governance structure.