r10 have undertaken a detailed study of the contents of Blueprint One and over a series of bite-sized articles will be providing a breakdown of the proposed changes to help you digest what they will mean for your business. Firstly, a quick overview of the history of the Future at Lloyd’s programme and its core components.
What’s Blueprint One?
In October 2018, Lloyd’s initiated the Future at Lloyd’s programme and, following seven months of consultation, published a bold vision of how the market would need to adapt to remain relevant to customers and market practitioners.
The Prospectus outlined six ideas, illustrating through user stories how the market could evolve to meet the challenges and opportunities of the Insurance Industry.
These ideas paint a picture of a new digital marketplace, one that leverages the latest technology to improve the placement of risks, the assessing and paying of claims and providing alternative methods of deploying capital. Underpinning this would be an ecosystem of data services and Insurtechs supporting innovation and momentum of change.
The vision received strong support from the Lloyd’s community and led to the commissioning of a period of consultation and prototyping to test the vision and build out the thinking behind the user stories.
In September Blueprint One was published, the product of six months of intensive consultation, providing insight into the proposals, how they have evolved and reinforcing the vision for how the market of the future will look.
Here it paints a picture of a highly data and services centric marketplace and describes substantial changes throughout the entire value chain.
Blueprint One expands on the “What?” of the original Prospectus and delves deeply into “How?” modernisation will take place. It also expands to cover 12 interrelated topics, including fundamental changes to the way capital is deployed, and looks at the culture and skills needed within the future marketplace.
What is the Roadmap of Blueprint One?
Clearly this is a multi-year programme broken into a series of four key stages, starting with an initial 6 month transition period to build consensus within the market and develop and onboard the capability to deliver change. Lloyd’s say they will apply agile methodologies to the delivery of each phase and fully expect solutions to evolve as consultation continues.
How r10 can help
With our in-depth London Market expertise, r10 is uniquely placed to help guide your organisation through the Future at Lloyd’s change programme and over the coming weeks will be updating our blog with insights & guidance on what the changes may mean for you.
Please get in touch for more information on how r10 can help you prepare to play your part in the market of the future.
Read the next bite-sized article in our Bite-sized series “What are the Complex Risk Platform Capabilities?”, which is the first out of the twelve proposed Future of Lloyd’s capabilities.
Author: Chris Carney