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Interactive Guide Second Edition: Progress update

As at 30 June for Q2 2022

Progress against the Blueprint Two roadmap

The second Interactive Guide centred around a roadmap running from Q1 2022 to market cutover in Q2 2024. 

This roadmap outlined the major milestones to deliver upon the data first journey for Open Market Placement, Delegated Placement, and Claims. It also had embedded into it the replatforming of the 40-year old mainframe system that serves the market to a cloud based and resilient placement, settlement and claim platform.

We set out the following on the roadmap:

  • The transition to the digital marketplace: it is important to prepare our organisations to get ready for this, and since the issuance of the roadmap Lloyd’s and the JV have set up a joint team focused on Market Readiness led by Joe Dainty and Peter Houston
  • The roadmap highlights what is changing, when to get ready to adopt the solutions, and the key actions required. This is being followed up by the engagement plan for the new Market Readiness Group described above
  • Market participants each have their own transformation path and will adopt an implementation strategy that satisfies their needs both now, and in the future and our readiness strategy will take this into account
  • Alongside perspectives from market leaders, the roadmap is intended to provide a guide to inform the planning for your digital journey, with actions you can take to become benefits ready.

Market milestones: Q2 2022 progress update

Market milestones relevant for all three core workstreams

Information on EBOT and ECOT handling guidelines published

EBOT and ECOT handling guidelines (including XML Standards Specifications & Documentation, Accounting & Settlement Documentation (EBOT), and Claims Documentation (ECOT)) are available on the ACORD website for members to access.

Next steps for market participants

Market participants currently not using EBOT and ECOT messaging are encouraged to consider how their organisation will move to the adoption of these handling guidelines in their path to taking up digital services by Q2 2024.

All LMA and IUA members can view the guidelines on the ACORD website via their association’s licence. Lloyd’s coverholders can also access via Lloyd’s licence.

Lloyd’s is currently putting in place an additional licence for Brokers who place into Lloyd’s to access these standards. You will still need to sign a user agreement with ACORD but it will come at no additional cost further details will be given in the next few weeks. 

If you would like more information on EBOT and ECOT messaging please email thefuture@lloyds.com

Open market placement

A market milestone for Q2 2022 was completed.

Intelligent Market Reform Contract (iMRC) standards published

The Data Council supports the introduction of the iMRC as one adoption path towards computable contracts. The LMG’s Data Council, supported by Lloyd's will be starting a consultation process with the market to give feedback on the proposed changes alongside a full legal and regulatory review of the revisions, to ensure the amendments do not compromise any legal or regulatory requirements. Both the consultation and the review will be under the auspices of the LMG.
The iMRC will enable accurate, standardised data to flow through the entire transaction lifecycle with minimal human intervention, it will be fundamental to the success of our transformation for open market placement.

Next steps for market participants

The consultation will be going live in July, please ensure your firm has given feedback on the changes to the iMRC.

The workstream remains on track to deliver the Q3 2022 milestones

Read more about the activity and progress on open market placement solutions

Delegated authority placement

Two of the three market milestones for Q2 2022 were achieved and one rescinded. 

Coverholder Reporting Standards summarised to the market

Following a review of the Coverholder Reporting Standards and their intersection with the Core Data Record, and having taken guidance from the Market Advisory Group (represented by the LMA, LIIBA, brokers and carriers), it has been decided that no changes are required at this stage until further work is completed on the Delegated Authority data strategy. Accordingly, this milestone is rescinded.

Delegated Contract and Oversight Manager (DCOM) enhanced usability

DCOM releases 1.2 and 1.2.1 were successfully installed in June, delivering system stability and enhanced usability including self-serve mid-term broker change functionality, the ability to change agreement templates in draft, and an improved managing agent review process.

Next steps for market participants

Visit our DCOM web page to see more about the full Release 1.2 scope and readiness materials, and our DCOM release information page to see what other improvements are planned for later in 2022. You can also sign up to the DCOM newsflash for updates.

Discussions around the DDM data strategy are currently ongoing with the Market Advisory Group and other governance groups, our aim is to conclude these with the development of a data strategy by the end of September.

DA Claims Status Tracker live (DCAs)

The DA Claims Status Tracker is now live for all market participants, including delegated claims administrators. Several DCAs have already been onboarded to the Insights Hub and are using the Status Tracker. The DA Claims Status Tracker enables market participants to track the progress of any bordereau end to end – they can see who it is sitting with, how long they have had it and all historical actions – this will reduce process delays and queries giving visibility to those involved.

Next steps for market participants

Delegated Claims Administrators

Please email us if you would like to onboard to the Insights Hub and begin to use the DA Claims Status Tracker.

Brokers

If you’re not already onboarded to the Insights Hub and/or using the Claims Status Tracker:

  • Onboard to Lloyd’s Insights Hub here or email us to register
  • Watch the demo and supporting video on the Insights Hub
  • Provide feedback to us for future iterations

Managing agents

If you’re not already using the DA Claims Status Tracker:

  • Watch the demo and supporting video on the Insights Hub
  • Provide feedback to us for future iterations
Visit the Insights Hub Provide feedback

Read more about the activity and progress on delegated authority placement solutions

Claims

The market milestone for Q2 2022 was achieved.

Claims data standards published

The standards to capture data to drive first notice of loss and policy matching have been defined with market working groups and the joint venture team. These are based on the published ACORD ECOT guidelines. In line with governance requirements, the standards have been passed to the Data Council and ACORD.

Next steps for market participants

Please review the ACORD ECOT guidelines and compare to your own templates. Lloyd’s and the joint venture will continue to seek input from market subject matter experts as the end-to-end claims journey is developed as part of the joint solution plan.

Read more about the activity and progress on claims solutions

Market Readiness in Q2 2022

Ongoing engagement is critical to build and deliver appropriate, relevant and adoptable solutions that provide value and benefit to your organisation, the market and ultimately our customers.

We have worked with market associations to agree an engagement structure that delivers participation and insight at a senior and practitioner level from across the market. More information is provided below.

Broker engagement sessions

In June, Lloyd’s held four interactive sessions specifically for brokers, to aid their understand of the changes and enhancements being made. Primarily aimed at those responsible for the planning and implementation of Blueprint Two solutions and in particular, smaller and medium sized brokers, the sessions brought together speakers from the joint venture, LIIBA and Lloyd’s.

The sessions provided an outline of the following:

  • How the Blueprint Two solutions will impact brokers and what needs to be done to be ready for transition
  • The changes needed to implement the improved services provided by Lloyd’s and the joint venture through the joint solution plan (JSP)
  • How broker readiness and engagement will evolve over the coming months
View the session

One-to-one meetings with market firms

Phase 1 of our market engagement strategy has included one-to-one meetings with market firms to help build an understanding of Blueprint Two and the joint solution plan and provide the opportunity to ask questions. In Q2 we meet with:

  • 41 managing agent firms
  • 11 Larger broker firms one to one and over 130 brokers across 4 engagement sessions

Market advisory and readiness groups

There are three market advisory groups covering digital processing, claims and delegated authority. Members were nominated via the associations to ensure representation of senior participants from across the London market and provide insight, direction and challenge to the plans for these workstreams. Meetings of these groups have continued through Q2 and details of the companies that form these groups can be found under: Blueprint Two advisory groups and engagement forums

Joint solution plan market access groups

The build of the new bureau services is well underway.  This will deliver new premium, claims and settlement services for London open market and delegated authority, as well as a new service for global singleton business.  As we build the solution, to ensure it meets the needs of the market it serves, we are working with the market associations to engage subject matter experts, from across the market, to contribute to the design of the solutions that are being built.  

In Q2:

-    36 market SMEs were engaged from a range of brokers, carriers, managing agents, software providers and market associations

-    11 workshops were held, inputting to 19 market facing elements of the build

In addition, we run the change network for market firms and run a market service providers forum to engage with those that currently provide key services to the market. In Q2 we ran 3 change network sessions and one service provider forum. To sign up to join the change network please email thefuture@lloyds.com

Read more about the parties to the new joint venture agreement in the press release Lloyd’s, DXC Technology, the IUA and LMA confirm joint venture to transform the digital capabilities of the world’s largest insurance marketplace, 12 January 2022

Find out more about market engagement

Useful links