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Overview

Creating the world’s most advanced insurance marketplace

About Blueprint Two

The global risk landscape is changing at pace and our customers operate in a complex and fast changing world. Lloyd’s is building the world’s most technologically advanced insurance marketplace, providing customers with the widest range of risk solutions and services to help them face these new risks with confidence. For over three centuries, the Lloyd’s ecosystem has brought together the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, to help customers be braver by providing protection and helping to build resilience.

Our aim

We are creating a market which attracts new risks, new customers and new forms of capital, and which will provide a superior experience while operating at materially lower costs. When we achieve this, the market will be bigger and more relevant, through:

  • Offering even better solutions for our customers' risks
  • Simplifying the process of accessing products and services at Lloyd’s
  • Reducing the cost of doing business at Lloyd’s
  • Continuing to build an inclusive and innovative culture that attracts the most talented people to Lloyd’s

View the aims we set out in Blueprint One here

Bringing our ambitions to life

This second blueprint brings to life our plans and details the real and tangible solutions we’re delivering. It shows how, through the digital ecosystem we’re building, risk placement will be more efficient, and policies created in minutes. It shows how we’re significantly reducing claims lifecycles and how the delegated authority ecosystem will be simplified. Success in all these areas will be powered by a core base of right first time data, complemented by a new suite of digitalised services and innovative technology solutions.

A lot has changed since we published Blueprint One in September 2019. The world is now a very different place. The Lloyd’s market has always responded, reinvented and proven its resilience in remarkable ways. The COVID-19 pandemic has demonstrated our ability to adapt and do things differently and, if anything, has increased our commitment to forge ahead and make further change happen at pace.

We are continuing to move forward with the fundamental ambitions we laid out in Blueprint One and the plans we’ve set out in Blueprint Two which have been refined by over 3000 pieces of research, over 50 consultations sessions and feedback from different advisory groups. And we have refocused and adapted some of the concepts and thinking based on the invaluable input from stakeholder across the market.

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.
  • A new Lloyd’s marketplace gateway and super-fast processing capability that will allow cover to be evidenced and issued in minutes and simultaneously create technical accounting records.
  • Automated claims recognition, routing and orchestration that will facilitate faster claims payments.

Innovating for the future

Digital transformation and innovation is already happening across our market and Blueprint Two will help accelerate this. The improvements we are making over the next two years will support market growth, attract new talent and enable all market participants to trade more efficiently and effectively. This in turn will enable them to build innovative products for their customers.

Watch some of the videos below which share stories about how innovations such as artificial intelligence, cloud technology, advanced digital platforms and new ways of working are driving better customer focus, delivering profitable growth and ensuring Lloyd’s is future fit.

By Lloyd's Team

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