Industry Updates
A Better Connection

• David Pilla
• December 2020
• 

Lloyd's outlined the next phase of its market strategy in a two-year program to shift the market to a digital ecosystem.

The solutions Lloyd's is pursuing will “totally transform the way in which our market operates,” said John Neal, chief executive officer, in a webcast, noting the strategy will lead to a digital market powered by data and technology.

“We are redesigning the entire insurance life cycle, something that's not been attempted at Lloyd's for a very long time,” said Neal.

Improvements outlined in what is known as Blueprint Two are a product of market research, feedback and collaboration that aims to deliver operational efficiencies with an estimated aggregate reduction of £800 million ($1.05 billion) in operating costs for brokers, underwriters and business partners, Lloyd's said in a statement.

“We'll be better connected,” said Neal. “We'll be so much faster in everything we do, and we'll be able to take significant costs out of our processes.”

Blueprint Two is the next phase of the Future at Lloyd's strategy unveiled in September 2019, Lloyd's said.

According to Lloyd's, Blueprint Two sets out to achieve approved and clear data standards that will support the next generation of placement platforms and solutions at Lloyd's and a new Lloyd's marketplace gateway and super-fast processing capability. It will also involve automated claims recognition, routing and orchestration that will facilitate faster claims payments.

Among the achievements of the past year's Blueprint One, Lloyd's said, it reduced the cost of doing business at Lloyd's, bureaucracy for claims processing for binding authorities and the need for re-keying data.

Lloyd's also said it finalized its stake in the London market's electronic placing platform.

In June, Lloyd's rolled out an application platform to help brokers and underwriters electronically place data for submissions and quotes.

The launch of the application interface, or API, is part of the Future at Lloyd's endeavor to develop the next generation of its e-placing platform—the Placing Platform Ltd. Atrium Underwriting Ltd. will be the first to adopt the new API, which was developed by Lloyd's, the market said at the time.