Amid fear that newly devised technology initiatives may not harmonise with the Lloyd’s vision of a digital ecosystem, Insurance Day has published an article calling for clarity on Blueprint Two technology standards.
Under Blueprint Two plans, Lloyd’s does not intend to develop its own open market digital placement platform, which deviates from its original plans under Blueprint One, where Lloyd’s planned to build a complex risk platform itself.
Yet, Lloyd’s will set the technology and placement standards for the processing of transactions, which has clear and welcome implications for the market. What requires greater clarity is what the implications are likely to be for those working in insurance technology - namely the third-party technology service providers - in terms of their work with companies operating in the Lloyd’s market, to allow for faster transactions at a lower cost.
Insurance Day's Global Markets Editor, Rasaad Jamie, writes that the technology sector is unanimous in its calls for further clarity from Lloyd’s about its vision in this area, and for Lloyd’s to successfully implement its ambitions for a digital ecosystem to exist within which third-party solutions can work in tandem with Lloyd’s market systems, the group will need to ensure that competitive market pressures remain while enabling the conditions for innovation and future proofing of the market.
A major question raised by the article is how Lloyd’s will be able to realise its full ambitions for Blueprint Two. VIPR, a solutions specialist for the insurance industry, is already a provider of delegated authority solutions to Lloyd’s brokers and managing agents. Its CEO, Paul Templar, advises in the feature that if carried out correctly, Lloyd’s can publish APIs that third-party vendors must adhere to so that they are able to communicate with the Lloyd’s platforms.
Templar says: “This should not introduce the need for the third-party system providers to have their roadmaps and technologies scrutinised by Lloyd’s, as they will be very much separate from the market systems while adhering to the Lloyd’s API requirements.”
The full Insurance Day article covering Blueprint Two standards may be read here.
