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2nd October 2022
London Market technology partners pledge support for Blueprint Two solutions
Lloyd’s has confirmed that technology vendors, ACORD Solutions Group, AdvantageGo, DXC Technology, TRACE, and Verisk, will introduce changes to their platforms to accommodate the new Blueprint Two solutions for the London Market.
Collectively, these vendors work with companies who represent over 80% of Lloyd’s total Gross Written Premium. In addition, the five organisations support a significant proportion of London Market insurers, working with over 60 carriers, as well as covering over 90% of GWP of the largest 25 London market brokers.
Announced in collaboration with the London Market Joint Venture, each organisation has committed to making the necessary system changes to support Blueprint Two programme execution and enable easy adoption for their customers. Blueprint Two will digitalise London Market operations through a number of solutions that will make placement, accounting and claims settlement better, faster and cheaper.
ACORD Solutions Group, AdvantageGo, DXC Technology, TRACE and Verisk have all pledged their support through signing the following statement:
‘We are committed to supporting our clients’ objectives in the London Market in relation to working with the new digital services being developed under Blueprint Two.
While some of the details of the changes required are still to be released it is our plan, in line with our product strategy, to make necessary adjustments to our supported software products to ensure they work with the new digital services, at a minimum on a transitional basis and, where possible, on a digital basis, leveraging ACORD and API enablement.
We hope this will give our clients the confidence that we will ensure interaction with central services can be maintained and we will continue to work with our clients and the Blueprint Two Engagement Team, to ensure we understand and support our clients’ intentions and gain improved understanding of the digital services as the detail emerges on the impact to our software and our clients."
“I’m really pleased to see the support from such key technology partners, which is integral to digitalising our marketplace. Their commitment marks another significant step forward on the journey to deliver Blueprint Two.
Over 100 insurers in the Lloyd’s and London market use these vendor platforms and without successfully integrating the Blueprint Two solutions into their systems, we would not be able to deliver the impactful and transformative changes that will enable a better, faster and cheaper market,” said John Neal, ceo, Lloyd’s.
“Everyone must play their part to create the insurance marketplace of the future. I’m very pleased to see the commitment from all these organisations, working together to ensure they deliver digital-enabled efficiencies, accuracy, and speed as well as the potential to unlock further value for customers through their deep experience and expertise in the London Market. We look forward to continuing our engagement with all these technology partners and further pledges of support," added Thomas Sebastian, ceo, London Market Joint Venture.
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