Lloyd's of London has just unveiled its "Blueprint One," the first chapter of its multi-year digital transformation.
Considering the relatively low level of digital processes active in the Lloyd's market today, the plan is ambitious. Some of the major initiatives include a brand-new electronic risk exchange platform, a claims submission platform that automatically triages claims, and a syndicate-in-a-box solution that will allow syndicates to underwrite without having a physical presence in the historic Lime Street building. If this doesn't sound ambitious enough, the first changes are set to come online on January 1, 2020!
While stakeholders like the Lloyd's Market Association have communicated "broad support" for Blueprint One, other participants such as the London & International Insurance Brokers' Association appear to be potentially resistant declaring that technology will be embraced "...but not at the expense of the value that an intermediary brings to the process."
While the ambitious goals and public endorsement of Blueprint One certainly feel like a breath of fresh air for the iconic marketplace, it remains to be seen whether all market participants are aligned in order to make the transformation a success.
The structural changes are substantial and not all businesses will benefit – maintaining a sense of progress will be critical if the blueprint is to deliver.”