Senior executives are frustrated with the continuing delays in the rollout of the Lloyd’s Blueprint Two, according to a report by the Financial Times.
Borne out of 2019’s The Future at Lloyd’s prospectus, Blueprint Two is the “ambitious strategy to deliver profound change in the Lloyd’s market through digitalisation” that will be implemented in two phases – the first of which was supposed to be delivered this year.
The market cutover, or the transition from heritage to digital processing services, was previously set for July before it was moved to October. In June, the October target was dropped.
“We will only cutover to phase one digital services once it is safe to do so, with a robust cutover, rollback, and contingency plan in place, and that we are satisfied a number of key activities have been completed or are near completion,” said Lloyd’s chief executive John Neal when the postponement was announced.
“Only then will we decide a new cutover date, informed by market feedback.”
Read more: LMA comments on Blueprint Two cutover delay
Now, a new FT report cited senior executives expressing their frustrations over the changing timeline.
One source of the publication was quoted as saying: “It has been promised and promised and promised, and not delivered, and now it is going to be 2025. People are very frustrated.”
For another market player, the matter is a “credibility issue” concerning those in charge at Lloyd’s.
“It had not [been built] to the degree that everyone thought it had,” a different source also commented. “This was something that in January they were telling us would launch in July.”
According to the report, the centuries-old insurance marketplace declined to comment.
Responsible for the Blueprint Two rollout is Velonetic (formerly the London Market Joint Ventures), which is a collaboration between DXC Technology, Lloyd’s, and the International Underwriting Association.
In August, Velonetic revealed the immediate replacement of then-CEO Chris Halbard, installing Bob James at the helm and Callum Gibson as chief operating officer.
Read more: Velonetic replaces chief executive
Over at Lloyd’s, it was recently announced that Sir Charles Roxburgh KCB is taking over from Bruce Carnegie-Brown as chair starting May 2025.
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