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Blueprint Two: The Future of the London Insurance Market

HIGHLIGHT /
Preparation is key and industry stakeholders should look to Blueprint Two and the playbooks for Managing Agents and Brokers for guidance on the next best step. In doing so, they can accelerate the digitalisation of the insurance industry, enabling faster and better services for all.

Over the last decade, the business world has begun to shift towards full digitisation. This process was accelerated by the pandemic with tech solutions being utilised to match the demand for streamlined online accessibility. The London insurance market is no different. As the shift to digital began to take full force during the pandemic, Lloyds published Blueprint Two, a roadmap toward a digitised future.

In our work with insurance clients, NTT DATA is always laser-focused on supporting the individuals who drive the industry forward with their innovative ideas and continued dedication to their craft. Future of Lloyd’s is a project we are proud to be a part of and we hope to continue driving forward its ambitious mission.

A digital future

As a trusted advisor in the insurance space, NTT DATA was brought into the Future at Lloyd’s to support the digital transformation of the industry. Since its first publication in November 2020, we believed in Blueprint Two’s potential to shape the industry's future and wanted to play an active role in its delivery.

In essence, Blueprint Two outlines a detailed plan to build the most advanced insurance marketplace in the world. It is a significant benchmark in Future at Lloyd’s plan to fully digitalise the London insurance market, making it better, cheaper, and faster for all.

As the global risk landscape continues to change at unprecedented speed, fuelled by the current economic climate, the need for a clear roadmap for the future of our industry has never been clearer. That’s exactly what Blueprint Two offers, a guideline for delivering new systems, processes, and data standards to radically improve the work we do on a daily basis.

The core of the industry

The beating heart of the insurance industry is the people behind it. As a result, we knew how important it was to provide Brokers, Managing Agents, and everyone in between with the right tools to prepare for the implementation of Blueprint Two.

In order to support Brokers and Carriers preparing for the implementation of Blueprint Two, NTT DATA worked with Lloyds, LMA and LIIBA to create two separate foundational playbooks, one designed specifically for Brokers and the other for Managing Agents.

Our ultimate aim in creating the playbooks was to provide a step-by-step guide to achieving successful implementation. We also kept market participants at the front of our minds in the planning stage, also aiming to provide them with a better understanding of the coming changes.

A project of this scale requires full backing from the entire industry. Although we have not yet reached full implementation, insurance practitioners across the country firmly believe in this project; they believe in its mission to make the London insurance market more efficient for all. Their continued belief has fuelled the fire of change, driving the industry forward to a digital future.

However, it is crucial that the right steps are now taken to ensure a smooth transition to a digital future for the industry. Preparation is key and industry stakeholders should look to Blueprint Two and the playbooks for Managing Agents and Brokers for guidance on the next best step. In doing so, they can accelerate the digitalisation of the insurance industry, enabling faster and better services for all.

To learn more about our work creating the foundational playbooks with Lloyd’s of London, click here.

David Brooks
Author
David Brooks
Head of Insurance at NTT DATA UK
Published on 09/01/2023
~ 3 minutes
Business Transformation
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