Dealing with the unkowns in the London Market’s digital transformation
Blueprint Two delays are causing uncertainty. In this blog, Stuart Favier, Insurance Client Manager, breaks down where things stand, the delays, and how companies can stay prepared for the changes ahead.
Understanding the delays
As Blueprint Two’s roll-out faces more uncertainty, companies must evaluate their position and plan their next steps. Recent delays have raised questions about EDI message support.
The project, aimed at digitising the London market, has encountered setbacks since its 2020 inception. Deadlines have been missed, causing increased market uncertainty.
The scale of change demanded by Blueprint Two presents numerous challenges. Companies await clarity on necessary changes and timelines.
The impact on EDI Messages
Previously, standard EDI messages were guaranteed support in the digital transition. Of over 100 bespoke messages, 39 were promised support due to commonalities.
However, Velonetic, responsible for Blueprint Two, has discovered hundreds of unforeseen nuances within standard EDI messages. This revelation has led the project team to reassess supported and non-supported messages.
This reassessment may impact support levels for the 39 bespoke messages previously assured assistance. Companies expecting no support may also face challenges if they have been working to a standard EDI spec that is no longer considered standard.
Unexpected complexities
The latest update from Valontic revealed hundreds of nuances within standard EDI messages that were previously unrecognised. This discovery has led to a complete review of what will be supported in the first phase of Blueprint Two delivery.
This situation has introduced a level of ambiguity that cannot be easily overcome. The market now faces uncertainty regarding the level of support Lloyd’s of London or Velonetic can provide.
Seeking solutions amid uncertainty
Some firms are turning to risk-mitigating solutions, ensuring service continuity regardless of final decisions. These solutions translate data from available messages post-Blueprint Two implementation.
They convert messages into familiar EDI formats, assisting even those with highly bespoke EDI messaging. This approach allows organisations to move towards a digital environment with certainty.
These solutions can help companies with even the most bespoke EDI messaging in place. They provide a way to transition to a digital environment at a company’s own pace.
Blueprint Two delays are causing uncertainty, but risk-mitigating solutions can ensure service continuity in the face of change. Share on XLooking ahead
Despite delays, Blueprint Two will be implemented. All companies potentially face support issues in the digital shift, regardless of their current EDI setup.
Implementing risk-mitigating solutions can benefit companies as the project progresses. These measures ensure readiness for the London market’s digital future, regardless of ongoing uncertainties.
As the project moves forward, solutions that eliminate risk and worry will be crucial for companies navigating this complex transition.
For additional information about Northdoor’s Alternate solution and how it can support your transition to Blueprint Two, please contact us or call 020 7448 8500.