Sheila Cameron, CEO of the Lloyd's Market Association (LMA), commented on the decision by Velonetic, supported by Lloyd’s Council, to postpone the cutover date for Blueprint Two. The delay was necessitated by testing delays that made the original October cutover date unsafe.
“The LMA welcomes the decision to postpone the cutover date for Blueprint Two, given that delays in testing have made it unsafe to cutover in October,” Cameron said.
Cameron emphasised that the LMA is committed to achieving three key outcomes before Blueprint Two goes live: a working solution, a ready market, and a safe cutover. She stated that the transition to the new system would only occur when all these conditions are met.
“Momentum must not be lost,” Cameron said. “The LMA encourages the market to continue pushing forward with testing execution over the coming weeks and months as the facilities become available from Velonetic.”
Cameron noted that the London market is united in its desire for the programme's successful completion. She acknowledged that while the process is taking longer than planned, implementing digital processing services with Velonetic is the first step towards a digitised marketplace.
“The LMA welcomes the opportunity provided by this postponement to consult with the market on a replan driven by milestone achievements rather than dates. This approach will ensure market-wide confidence that the programme will be a well-planned and orderly success,” Cameron said.
Earlier this month, a new London Market committee was established by the International Underwriting Association (IUA) to oversee the progress of adopting Blueprint Two.
The IUA’s Cut-over Review Committee will assess the readiness of the London company market and its technology partner, Velonetic, for this transition. It will provide advice to the IUA board to ensure there are no reasons to delay the switch to the new services.
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