‘Market does not need another moonshot’ – industry reacts as Lloyd’s ‘sunsets’ Blueprint Two

The lesson from Blueprint Two is that the industry does not need another “moonshot”, Ben Rose, cofounder and president at Supercede, has said.

Launched in 2020, Blueprint Two had been Lloyd’s road map for digitising the London market.

However, the programme experienced milestone setbacks over the last few years and in Lloyd’s financial results report yesterday (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”.

Rose felt that “there won’t be a void if Blueprint Two disappears”, as what ”participants want now are tools they can actually use today, not another decade-long transformation”.

He added: “The lesson from Blueprint Two is that the industry doesn’t need another moonshot. It needs tools that make everyday decisions clearer and faster.

”Incremental improvement across the market will ultimately move the dial far more than one enormous programme ever could.”

Rose also suggested that the ”real success story has been the Lloyd’s Lab”.

Lloyd’s Lab is an innovation hub and accelerator programme that connects startups with the insurance industry.

It offers mentoring, collaboration and funding opportunities.

Rose said: ”By opening the door to multiple technology providers, it has delivered better tools, more choice and faster progress.

“Market participants can adopt solutions that work for them, rather than waiting years for a single transformation to arrive.”

Delays

Part of the problem with Blueprint Two were the delays. In June 2024, for example, 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.

Christopher Croft, London and International Insurance Brokers’ Association (Liiba) chief executive, said: ”The continued delays make it understandable that Lloyd’s and the market bodies should take time to re-examine how best to achieve the outcomes we all need.

”If we are honest about the lessons of the last 25 years, we must ask whether very large, set-piece, cross-market programmes – competing with firms’ everyday priorities for scarce expert resource – are the most effective route. A fresh approach should consider smaller, modular builds, clearer commercial incentives and governance that drives delivery rather than perpetuates delay.

“This is now time to take stock and should be treated as an opportunity for radical thinking. The focus now needs to be on practical, market-led solutions that create genuine commercial pressure to finish the job – because the market cannot afford further drift.”

Chris Jones, chief executive at the International Underwriting Association (IUA), noted that while the programme’s digitisation plans had ”not yet been comprehensively achieved”, there ”have been some notable successes, including the establishment of core data standards, and these can be utilised going forward”.

“The IUA will continue to work with its partners to improve market processes in the light of new technological advances, whilst ensuring that existing infrastructures are robust and supported,” he said.

”This will always be a collaborative effort, involving technology providers, carriers, brokers and Velonetic, which continues to provide critical services to our market. As a Velonetic shareholder, we are directly involved in developing effective governance for a new approach to digitisation that progresses on an incremental basis and minimises implementation risks.”