Data and technology services company announces playbook to digitally transform the London insurance market

NTT DATA UK&I, a world leader in digital, data and technology services, has announced that it has produced The Blueprint Two Foundational Playbook for Managing Agents on behalf of the Lloyd’s Market Association (LMA) and Lloyd’s of London, to digitally transform the London Insurance Market.

Blueprint Two is the most ambitious and complex undertaking to transform the London Market operating model ever attempted and will impact all of 50 Lloyd’s Managing Agents and their trading partners in the London Insurance Market. In readiness for the envisioned digital transformation ‘cut over’ in 2024, these organisations need to plan and execute a range of people, process, and technology changes.

The Lloyd’s Market Association (LMA) wanted to help Managing Agents by providing them with a comprehensive and structured approach to understand and support their planning for the adoption of Blueprint Two and commissioned NTT DATA to develop a Playbook that provides a consistent and industrialised manner for this to be achieved.

Although the LMA drove the initiative it was jointly sponsored with Lloyd’s, and its execution was achieved through a collaborative approach between LMA, Lloyd’s, Managing Agents, and the Xchanging Joint Venture within the DXC Technology organisation.

NTT DATA has engaged with all the supplier organisations driving Blueprint Two changes, as well as several Managing Agents, to identify, analyse and build this end-to-end view to support a range of objectives:

Rob Myers, operations director at Lloyd’s Market Association, commented: “Special thanks to NTT DATA, Lloyd’s and DXC Technology for the exceptional support and collaboration that made this happen. We have worked with NTT DATA to produce this playbook and assist managing agents with the preparation required for the implementation of ‘Blueprint Two’ market transformation initiatives.”

Joe Dainty, market delivery director at Lloyd’s, added: “We encourage every managing agent to put the Foundational Playbook to work in their own organisation. It is necessarily agnostic in terms of managing agent size, maturity, operating model and vendor partner choices and we hope that every managing agent can put the Playbook to work in their own organisation.”

Dave Brooks, UK & Ireland practice leader, Insurance at NTT DATA UK&I, stated: “The delivery of the Blueprint Two playbook is a momentous occasion for the London Insurance Market as it marks the beginning of a digitally-enabled, data-first marketplace.

“This will be spurred by the integration of risk placement, with automated premium accounting and claims settlement. Once completed, it will create a more efficient Insurance chain, impacting a range of business sectors across the UK, not just Managing Agents.”

By Mark Adair – Correspondent, Bdaily