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:
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