Market reacts to another Blueprint Two delay

Lloyd’s of London’s confirmation that the re-platforming element of its flagship Blueprint Two initiative will not be delivered before 2028 has prompted a mixed response from across the London market.

Launched in 2020, Blueprint Two is Lloyd’s of London’s digital transformation initiative, but it has faced delays. 

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.

After Lloyd’s chief executive Patrick Tiernan said yesterday (4 September 2025) that the marketplace does not expect the re-platforming element of Blueprint Two to be completed before 2028, Velonetic reiterated its “safety-first” approach.

A spokesperson said: “Velonetic remains fully committed to the completion of the technology transformation core to Blueprint Two.

“Our current focus is on thoroughly testing the platform internally before customer testing begins to continue to prioritise a safety-first approach.”

‘Hard truth’

Tiernan 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.

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

“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.”

Ben Rose, co-founder and president at Supercede, said: “The reset confirms a hard truth, market initiatives can no longer be relied upon to cut costs or fix hand-offs this cycle.

”With market testing not before 2026, re-platforming not before 2028, heritage systems running until at least 2030 and no automatic reduction in the market’s cost base, anyone waiting for Blueprint Two is paying a ‘waiting premium’.

“The only rational move now is execution – capture decision-grade submissions, make structures explicit and integrate so facts travel intact across counterparties. From our enterprise implementations, we see that is where cycle time falls and disputes fade, not in promises of a big cutover later.

“If your 2026–2027 plan assumes Blueprint Two savings, restate it today. Compete on clarity at speed, not on a timeline the market can no longer guarantee.”

‘Doing what’s right’

Meanwhile, Jamie McDonnell, London market director at Guidewire, described the announcement as a “clear and powerful call to action”.

He said: “The announcement today delivered certainty. Certainty that market-wide modernisation initiatives are, by their very nature, often hampered by their sheer complexity and the pace at which all participants are able to move.

“For genuine pioneers, simply waiting for these collective endeavours to take effect is no longer a viable strategy. Instead, this postponement should be regarded as a clear and powerful call to action for insurers to step up the pace of their own transformation journeys and take command of their future.”

McDonnell added that the delay freed capacity for insurers “to focus efforts on innovation that will ensure the broader London market retains its position as the leading hub of global insurance”.

Sheila Cameron, chief executive at the Lloyd’s Market Association, emphasised that the revised timeline underlined the importance of resilience.

She said: “The announcement by Lloyd’s that the re-platform element of Blueprint Two is unlikely to go live before 2028 reflects a commitment to doing what’s right – prioritising the operational resilience and effectiveness of the London insurance market over speed.

“The LMA remains committed to achieving the three essential outcomes before go-live. A solution that works, a market that is ready and a cutover that is safe. Only when these are all in place, and not before, will be the time to make the switch.”

Louise Day, chief operating officer at the International Underwriting Association, also highlighted the complexity of the task. She said: “Automating heavily embedded processes to handle thousands of messages between hundreds of market participants on a daily basis is a hugely complex task.

”Testing the new technology is vital and we must take the time required to ensure this is done thoroughly.”

And Caroline Wagstaff, chief executive at the London Market Group, added that the market now had clarity over delivery.

She said: “The re-platforming element of Blueprint Two is both complex and critical. The system handles billions of dollars and millions of messages. Getting it right is vital and, while the timing may be disappointing, the clarity now on costs and next steps should offer market firms considerable comfort.”