Lloyd's and technology provider Velonetic have announced that the Blueprint Two electronic platform's next phase will face delays extending beyond 2025.
The group continues rigorous testing of the system, with Velonetic noting progress with technology build. "The new sequential testing approach, combined with the estimated time to get through all aspects of testing, will result in cutover not taking place during 2025," said Velonetic chief executive officer Bob James via email.
The implementation of a sequential testing methodology represents a shift in the rollout plan, with James emphasising that they "have a responsibility to only cutover to the new platform when it has been tested in a robust and fulsome manner."
The approach includes systems testing, followed by internal testing within Velonetic, vendor testing, and ultimately customer testing, with each phase contingent upon the completion of the previous one.
This latest delay follows an earlier postponement of the digital services cutover initially scheduled for October 2024, which was pushed back due to safety and market readiness concerns.
Sheila Cameron, CEO of the Lloyd's Market Association, expressed support for the announcement: "We welcome the transparency and clarity provided by today's announcement from Velonetic and Lloyd's." She noted that the LMA has advocated for "a milestone-based approach to delivery of the Blueprint Two program."
Cameron emphasized the critical importance of thorough testing, pointing out that "Velonetic is responsible for approximately £120 billion ($154.6 billion) worth of premium and claims transactions per annum," and emphasizing that "delivery is not driven by artificial deadlines."
Lloyd's CEO John Neal had previously acknowledged implementation challenges, particularly related to "onboarding and integration issues" that caused market testing to fall eight weeks behind schedule. Despite these setbacks, Neal had expressed confidence that defects could be resolved quickly.
The decision to extend the timeline received support from the Velonetic board of directors and shareholders, as well as the Council of Lloyd's.
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