Anyone familiar with the premise of Lloyds Blueprint will tell you that only technology can enable the transformation outlined in Blueprint One and ensure its longevity. Lloyds are attempting to take more control over the technology used in the market. But with the size of the project and the vast amount of change required to meet its objectives within a relatively short timescale, brokerages must take initiative.
With some individual syndicates and brokers looking ahead and already investing in their own digital systems, Lloyds role may need to shift to one of setting standards for the technology used within the market and ensuring the network of platforms communicates effectively.
The majority of brokers do not develop their own platforms they rely on suppliers, says Chris Carney, managing director of Verticalised Consulting. But there will be a need to have platforms that are flexible and adaptable to allow brokers to implement the changes within a reasonable timeframe.
Those contingencies will make open APIs, easy integration and cloud-based architectures the gold standard under the Blueprint.
Then, the challenge becomes one of coordinating the market participants to allow for standards and interoperation of technologies, data sources and storage solutions. Building a common standard will require extensive cooperation and an agreement to use a universally agreed set of open APIs.
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