Unlock the future of the London Market with Northdoor’s Alternate solution
The Lloyd’s of London Market is embarking on a major digital transformation driven by the Velonetic Blueprint Two project,
This market-wide initiative aims to transform the journey of placing risk and making claims for open market and delegated authority business, with the desired benefits to make doing business in the market better, faster, and cheaper. As companies strive to embrace a digital approach, they are in search of solutions that can seamlessly integrate with their existing systems and processes.
Blueprint Two adoption
All market participants will be required to move to phase one ‘transition’ services in July 2024, with phase two ‘full digital’ services available from April 2025.
At a point in time to be announced, phase one services will cease, and all firms will be required to adopt the full digital services. For a carrier to move to a fully digital phase two model, it will likely require a very significant transformation of both current IT systems and business processes.
*Note: On July 2024, delays were announced. Please read more in our blog here.
Introducing “Alternate” – an innovative bridge for Blueprint Two
Northdoor is offering an alternative approach to Blueprint Two adoption, with its Alternate solution in partnership with WCL. Alternate allows a carrier to adopt the Blueprint Two changes with minimal initial changes to existing systems and processes.
With no end date to the Alternate service, Carriers can plan a move to the fully digital world at their own pace and in their own logical stages.
A bespoke solution for London Market carriers
This solution utilises first ACORD4ALL and then the full digital messages and converts them into the format currently received by London carriers. By doing so, it ensures compliance with Blueprint Two without requiring a complete overhaul of existing systems.
The Alternate solution is built on proven ETL technology, enriched with metadata, and backed by Northdoor’s 30+ years of London market experience. It offers low-risk, non-expiring message translation, providing carriers with a seamless transition to Blueprint Two data standards.
Looking ahead with confidence
Blueprint Two represents a crucial step towards the digital transformation of the London Market. While the changes may seem challenging, Northdoor’s Alternate solution provides carriers with the confidence to embrace the future. By offering minimal disruptions, flexibility in digital adoption, and early access to data, Alternate allows carriers to navigate the transition smoothly and efficiently.
The adoption of eBOT and eCOT messaging through Blueprint Two will unlock financial efficiencies and align London processes with global standards, making the London market more accessible for business.
Benefits of Alternate
- Seamless integration with your existing system.
- Flexible transition to Blueprint Two at your pace
- Early access to critical data and insights
- No disruptions to your current operations
- Ongoing use of legacy systems during adoption
- Day one compliance with new Blueprint two stands
- Gain a competitive edge with digital insights
- Make data-driven decisions immediately.
Built on proven technology and 30+ years as a leader in London Market solutions, Northdoor’s Alternate enables:
- Non-expiring message translation from EBOT/ECOT to USM/SCM
- Metadata enrichment for deeper insights
- Low-risk transition to new data standards
- Avoiding costly upgrades
- Conversion of messages to current formats
- Support similar to JV Transitional services.
Contact Northdoor for more information
As the London Market evolves, Northdoor remains committed to delivering innovative solutions that address the unique challenges faced by carriers. With their expertise and industry knowledge, they are well-positioned to support your organisation’s digital journey.
Northdoor’s team of experts is ready to assist you and provide the guidance you need to navigate the digital transformation of the London Market.
For additional information about Northdoor’s Alternate solution and how it can support your transition to Blueprint Two, email us, fill in our contact form or call 020 7448 8500.
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