Discover insights on the postponed development of Blueprint Two’s next phase, now anticipated beyond 2025, and its implications.
Lloyd’s, in collaboration with their technological partner Velonetic, has announced that the next phase of the Blueprint Two electronic platform will experience delays, extending its launch beyond 2025.
Continued Testing and Progress
Despite this setback, rigorous testing of the system is ongoing. Velonetic has reported advancements in the technology build. Velonetic’s CEO, Bob James, indicated through an email statement, “The new sequential testing approach, combined with the estimated time to get through all aspects of testing, will result in cutover not taking place during 2025.”
Sequential Testing Methodology
This shift to a sequential testing methodology marks a pivotal change in the rollout strategy. James stressed the importance of ensuring that the new platform undergoes a comprehensive and thorough testing process before its official launch.
The phased approach includes initial systems testing, followed by internal assessments within Velonetic, vendor evaluations, and eventually, customer testing. Each stage’s completion is a prerequisite for the commencement of the subsequent phase.
Previous Delays and Industry Support
The latest delay follows a previous postponement of the digital services cutover, initially slated for October 2024. This was deferred due to concerns surrounding safety and market preparedness.
Sheila Cameron, CEO of the Lloyd’s Market Association, expressed her backing for the announcement, stating, “We welcome the transparency and clarity provided by today’s announcement from Velonetic and Lloyd’s.”
She highlighted the LMA’s advocacy for a milestone-based approach towards the delivery of the Blueprint Two program. Cameron underlined the critical significance of thorough testing, noting that “Velonetic is responsible for approximately £120 billion ($154.6 billion) worth of premium and claims transactions per annum,” emphasizing that “delivery is not driven by artificial deadlines.”
Overcoming Implementation Challenges
Previously, Lloyd’s CEO John Neal had acknowledged various implementation challenges, particularly with onboarding and integration, which had caused market testing to lag by eight weeks. Despite these issues, Neal remained optimistic about swiftly addressing any defects.
The decision to extend the timeline has received endorsement from Velonetic’s board of directors and shareholders, as well as the Council of Lloyd’s.
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