Blueprint Two: Exploring the Right Digital Strategy for Carriers & Brokers

Q: How can insurers achieve straight-through processing (STP) while reducing manual intervention?

Insurers can advance straight-through processing by standardizing data, redesigning workflows, automating repetitive activities, and implementing validation rules and exception-handling mechanisms. A phased approach helps prioritize processes with the greatest automation potential while preserving human oversight for complex cases, risk-sensitive decisions, and exceptions.

Q: How can insurance carriers and brokers measure the ROI of their digital transformation strategy?

Insurance leaders can measure return on investment through indicators such as cost per transaction, processing cycle time, manual touchpoints, data error rates, straight-through processing rates, productivity, and service quality. Establishing baseline metrics, phased implementation milestones, and ongoing performance monitoring helps demonstrate business value. WNS (Part of Capgemini) combines industry expertise, process transformation, technology, and analytics capabilities to help organizations pursue measurable operational improvements.

May 02, 2023

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AUTHOR(s)

Linda Stannard

Senior Vice President, Insurance Business Transformation

Victor Mascarenhas

Lloyd's and London Market Practice Lead

Key Points

Blueprint Two, a digital transformation blueprint, marks a significant shift in the London insurance market that is poised to revolutionize the industry. To keep up with the changing landscape, carriers and brokers must adopt a comprehensive digital insurance strategy. Blueprint Two is scheduled to go live at the end of Q2 2024, which means carriers and brokers must implement digital insurance solutions to remain competitive.

However, implementing ‘data-first’ and Straight-through Processing (STP) strategies, which lie at the heart of this transformation, requires significant work, given the prevalence of legacy platforms and siloed functional operations in the current landscape. Moreover, the additional complexities of implementing Lloyd’s Blueprint Two warrant the replacement of bureau services integral to enabling data-first and STP methodologies.

So, what steps should carriers and brokers take to design and implement a digital insurance strategy that supports business growth, reduces servicing costs and aligns with the Blueprint Two directive? This insightful paper draws on our extensive experience as a digital transformation partner collaborating with insurers in the London Market to outline crucial factors that will drive success for carriers and brokers:

Getting the approach to digital strategy right
Identifying the critical components of the digital solution
Going data-first or continuing with documents
Analysing the technology options
Implementing the digital strategy effectively

FAQs

1. What is Lloyd’s Blueprint Two, and how should insurance carriers and brokers prepare for it?

Lloyd’s Blueprint Two represents a major shift toward a digitally enabled insurance marketplace, emphasizing standardized data, digital processing, and more efficient information exchange. Carriers and brokers should assess their current operating models, data readiness, technology landscape, and process dependencies to define a transformation roadmap. WNS (Part of Capgemini) brings insurance domain knowledge and digital transformation capabilities to help organizations align their operations with evolving market requirements.

2. How can a data-first strategy improve operational efficiency for insurance carriers and brokers?

A data-first strategy prioritizes structured, standardized, and reusable data over document-heavy processing. It can reduce duplicate data entry, improve data quality, minimize manual validation, and support faster downstream processing. Insurance leaders should establish clear data ownership, governance standards, and integration practices to realize these benefits.

3. How can insurers achieve straight-through processing (STP) while reducing manual intervention?

Insurers can advance STP by standardizing data, redesigning workflows, automating repetitive activities, and implementing validation rules and exception-handling mechanisms. A phased approach helps prioritize processes with the greatest automation potential while preserving human oversight for complex cases, risk-sensitive decisions, and exceptions.

4. How should insurance leaders evaluate technology options for Blueprint Two and digital transformation?

Decision-makers should evaluate technology options based on interoperability with existing systems, scalability, data standards, security, implementation complexity, total cost of ownership, and alignment with the target operating model. A structured assessment of business requirements and technology dependencies helps organizations select solutions that support long-term transformation rather than isolated process improvements.

5. How can insurance carriers and brokers measure the ROI of their digital transformation strategy?

Insurance leaders can measure ROI through indicators such as cost per transaction, processing cycle time, manual touchpoints, data error rates, STP rates, productivity, and service quality. Establishing baseline metrics, phased implementation milestones, and ongoing performance monitoring helps demonstrate business value. WNS (Part of Capgemini) combines industry expertise, process transformation, technology, and analytics capabilities to help organizations pursue measurable operational improvements.