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London market technology partners pledge support for Blueprint Two solutions

29 Sep 2022

Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, has today 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 insurance 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.”
John Neal, Chief Executive Officer, 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.”
Thomas Sebastian, Chief Executive Officer, London Market Joint Venture

Hear from the vendors

“To truly transform the industry, it is imperative that it has an irrefutable set of data standards and digital solutions if we are to meet the aspirations of moving to a digital-first insurance economy. Blueprint Two is a practical and centralised plan that AdvantageGo fully supports. We believe it provides the foundations to empower sustainability and prosperity for our historic marketplace into the future.

We are working strategically and in unison with Lloyd´s and our customers through open and regular dialogue to ensure a clear and viable pathway to a true and vibrant digital marketplace.”
Kishore Krishnan, Head of AdvantageGo
“ACORD Solutions Group is fully committed to ensuring that our ADEPT platform is fully integrated into the Blueprint Two Initiative, to support both the Transition and Fully Digital Services,”

“By providing real-time data exchange solutions aligned with the Core Data Record through the ACORD GRLC Standards, the vendor community can ensure a common approach and understanding among stakeholders, ultimately maximising adoption of the modernisation program throughout the market.”
Chris Newman, Managing Director – Global, ACORD Solutions Group
“At DXC we are committed to the success of Blueprint Two and supporting our software customers with the adoption of transitional or digital services. Working with London-based customers that drive over $121 billion of annual premiums, it is a privilege to be a part of this important industry initiative to transform how business is transacted in the world’s largest insurance marketplace.”
Ray August, President, Insurance Software and BPS, DXC Technology
"We can't underestimate complexity of the [Blueprint 2] undertaking. It's ambitious but we owe it to London to get behind it and see it through."
Tim Rayner, CEO, Verisk

Background notes:

  • * Based on 2021 GWP
  • A press release in January 2022 confirmed that DXC Technology, the International Underwriting Association, Lloyd’s Market Association and Lloyd’s had signed a contract to build the solutions to digitalise, streamline and fully automate processing for the Lloyd’s and London market. This activity is being delivered by the London Market Joint Venture.