Late last year in London, as part of a TINtech breakfast meeting, over a dozen seasoned insurance industry veterans convened to discuss Blueprint Two at The Gherkin. The group consisted of a diverse mix of brokers and insurers. The main topic was the broker’s level of readiness to adopt phase one of Blueprint Two. Every single London market broker will need to be ready to adopt phase one services by 1st July 2024. Amongst the group, the consensus was mixed – with some not feeling ready, others not convinced it will happen by the mandated deadline, and others feeling confident their organization will be prepared.

The open forum allowed for a productive dialogue where concerns and opinions were openly shared. The first phase of Blueprint Two will have a great impact on brokers in the London Market and requires a proactive action plan, as well as a thorough understanding of the implications. The group also shared best practices on how their organizations are preparing.

Brokers Rely on Tech Vendors

One key point which was unanimous amongst brokers is that they will rely on their technology service providers to help with the move to Blueprint Two. This broad opinion demonstrates the critical role technology plays in the insurance industry, and the strong relations between tech vendors and brokers, where brokers expect software providers to manage their operations, help build integrations, and ensure they implement all the newest go-to-market capabilities. Even executives from the largest, most reputable insurance organizations in the world expressed reliance on their relatively smaller tech providers to help their organization through this transformational change. Without a doubt, the success of Blueprint Two depends on close cooperation between brokers and vendors.

Information & Communication is Lacking in the Market

Discussions surfaced another common theme – the frustration around a lack of communication and information being disseminated from regulators. The participants hoped to receive more frequent updates and requirements to enable them to fully prepare their organizations. Many said they need to actively seek out the information they need from multiple sources. This perceived lack of communication and transparency is causing uncertainty, especially with the deadline rapidly approaching.

The Future Will Bring Improved Work Methods

The group discussed how the Blueprint Two requirement will fundamentally change the market by improving the way brokers, insurers and their customers interact with one another. Generally, most of those in attendance agreed the changes will move the market forward, improve transparency and increase efficiency.

Blueprint Two will transform the industry and collective knowledge sharing forums like the TINtech event last month, which was hosted by Novidea, are a great way to keep everyone informed and moving successfully toward phase one.

You can learn more about Blueprint Two and CDR: How Brokers Can Prepare and What it Means for the Lloyd’s Market, in this webinar with Paul Evans, London Market SME, Novidea, Mike Winterle, Senior Product Marketing Manager, Novidea