LMA’s Cameron welcomes 'transparency and clarity' of Blueprint Two update

By Michael Jones, Ryan Hewlett

March 25 - (The Insurer) - Lloyd’s Market Association CEO Sheila Cameron has welcomed the “transparency and clarity” provided by this morning’s update from Velonetic and Lloyd’s on the Blueprint Two modernisation programme.

In a circular sent to senior market figures on Tuesday, Lloyd’s confirmed that the cutover for phase one of Blueprint Two will no longer take place in 2025.

The letter said that the new sequential testing approach, combined with the estimated time to get through all aspects of testing, meant cutover could not take place this year.

However, it said that the updated testing approach will support simpler, more efficient market testing that allows defects to be found earlier in the lifecycle.

Cameron said: “The milestones outlined in this communication are sensible and will help mitigate programme risk overall, whilst also enabling firms to meet their operational resilience requirements for an incredibly complex programme.

“Given that Velonetic is responsible for approximately 120 billion pounds worth of premium and claims transactions per annum, it is of critical importance that the effectiveness of this new technology is robustly tested by the market and that delivery is not driven by artificial deadlines,” Cameron added.

The letter said that the early adopter group, known as vanguard nine, will commence testing from May 2025. The wider vanguard testing will begin in October 2025. Customer coordinated testing, managed by LIMOSS, is to start no earlier than Q4 2025.

Velonetic CEO Bob James said in a statement that the process would only move to the next stage once the current phase of testing is successfully completed.

“This sequential method of testing allows us to build one phase onto the other but lengthens the testing timeline, which allows for a very fulsome and robust testing of the platform,” said James.