Understanding the new phase one and phase two approach to Blueprint Two implementation
Lloyd’s of London has been working on implementing Blueprint Two since its initial release in November 2020. This ambitious project aims to bring the Lloyd’s market up to speed with the digital demands of customers and partners. Recently, Lloyd’s of London made significant changes to the roll-out, introducing a Phase One and Phase Two approach that will require all companies, regardless of their digital journey’s progress, to adapt their digital strategies accordingly.
Phase one and phase two implementation: a shift in strategy
Initially, companies were presented with two options for transitioning to Blueprint Two. The first option, “Transitional Services,” allowed companies more time to shift to a complete digital offering as long as they were making progress in transforming their business. The second option was to embrace full adherence to Blueprint Two right away. However, the recent update from Lloyd’s of London has altered this onboarding process.
In the latest update meeting, Lloyd’s of London announced scrapping the direct path to complete digital adoption. Instead, all companies must go through the Phase One period before proceeding to Phase Two. This decision was driven by the need to ensure that all companies, including the larger ones seemingly prepared for full digital integration, have made the necessary changes before fully committing to digital transformation.
Lloyd's of London introduces significant changes, adopting a phase one and phase two approach, necessitating all companies to adapt their digital strategies accordingly. Share on XNavigating the transition: challenges and solutions
Moving all companies to Phase One by June 2024, and allowing them to progress to their complete digital projects by September 2024, presents challenges in the market. Companies must now assess where they stand in the process and determine if they are ready to embrace a full digital program within a mere three months after the introduction of Phase One, or if they will now take longer to move to Phase Two, the full digital end state.
To address these challenges, some companies seek flexible solutions for a smoother transition to Phase Two. One solution involves implementing a “Phase 1.5” approach, where “full digital” messages are converted into the format London carriers currently receive. This allows companies to meet the compliance requirements of full digital without having to replace their current systems entirely, thereby minimising disruptions to business continuity.
Update July 2024: read about the Blueprint Two delays.
Embracing flexibility and bespoke solutions
Given the varying states of digital transformation among companies in the market, organisations need to prioritise flexibility throughout their processes. No one-size-fits-all solution exists, and companies should consider adopting bespoke solutions that align with their current position and desired speed of digital integration.
In conclusion, the changes to the Blueprint Two roll-out necessitate a careful re-evaluation of digital strategies for all companies. Embracing the Phase One and Phase Two approach introduces complexities that demand flexible and customised solutions. By preparing adequately and adopting bespoke strategies, companies can ensure a smooth transition into the digital future while maximising the benefits of Blueprint Two.
Northdoor’s innovative solution – “Alternate” for Blueprint Two
Northdoor has joined forces with Web Connectivity Ltd. (WCL) to introduce a groundbreaking solution for Blueprint Two – “Alternate.” Designed to empower London market carriers, this innovative offering allows seamless adoption of the Blueprint Two back-office message changes without the need for a complete digital transformation. With Northdoor’s “Alternate” solution, companies can confidently navigate the digital landscape while retaining their existing systems, ensuring a smooth and cost-effective transition.
Unlock the power of Blueprint Two with “Alternate”
Are you ready to embrace the future of the London market’s digital transformation? Reach out to us today to explore how Northdoor’s “Alternate” solution can revolutionise your Blueprint Two adoption journey. Take advantage of this unparalleled opportunity to comply with Blueprint Two requirements and maximise your operational efficiency. Contact us now to embark on your digital transformation with confidence!