Blueprint Two Foundational Playbook for Managing Agents

The Foundational Playbook has been produced to assist managing agents with the preparation required for the implementation of Future at Lloyd's 'Blueprint Two' market transformation initiatives. The document recognises that individual managing agents are in different places in terms of their understanding and planning for Blueprint Two. The aim of this Foundational Playbook is therefore two-fold:

  • Firstly, to equip all Lloyd’s managing agents with common, consistent insights, guidance and understanding on how to achieve ‘on-time' readiness to embrace the positive changes Blueprint Two will present to the Lloyd's and the London Market. What do managing agents need to do, with whom, by when?
  • Secondly, to inform, validate, and/or corroborate an individual managing agents’ own understanding of the changes required, options available, decision making and planning for the next two years.

We hope that every managing agent can put the Foundational Playbook to work in their own organisation and that it benefits their business, as well as the success of the Lloyd's and the London Market as a whole.

Foundational Playbook for Managing Agents

The Foundational Playbook for Managing Agents – created by Lloyd’s, LMA and supported by NTT Data.

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Interim Update: December 2022 (NEW)

Since launching the Foundational Playbook for Managing Agents in August 2022, further information that was not available at the time of publication has now come to light. 

We felt it important to publish an interim update reporting on the topics that have now become fully known, or have progressed to partially known/unknown.

We will be issuing a full updated playbook for Managing Agents in 2023.

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Blueprint Two Managing Agent Self-Assessment 

 

Click here to Download the Managing Agent Self Assessment Questionnaire

Recording of the Bitesize Briefing on 4 August 2022:

Managing Agent Foundational Playbook for Blueprint Two Readiness launch


 Questions and answers from the bitesize session on 04 August
 


Q: Is there going to be any more elaborate analysis of benefits by the LMA?
A: The playbook benefits framework is quite generic. The more detailed benefits work is being undertaken by Lloyd’s with sufficient granularity to assess whether that benefit is applicable to your own organisation.  These will include savings on central services. Look out for more on this from the Future at Lloyd’s Market Readiness team.
 
 

Q: Would we be able to compare our current market charges vs future market charges
A: In May 2021, the Xchanging Joint Venture provided an expression of intent to reduce the Market’s central bureau service costs by at least 40% (compared to 2020 costs) as a result of implementing a new Digital Processing service (and of course retiring the costs of the existing ‘heritage’ services). We do not yet have further details on the price book for the digital bureau service (and don’t expect to get the fine detail until sometime in 2023), but the LMA (and IUA) continue to engage with the Xchanging JV in pursuit of a more meaningful, useful indication of the cost reduction and importantly ‘what has to be true’ for individual managing agent customers to be entitled to it.  We really want to see this information becoming available in the next 2-3 months as we recognise how useful it is you every managing agent’s business case.  Also, timely to remind that cost reduction opportunities ought to be available in other areas and the benefits work being undertaken will highlight those opportunities.
 
 

Q: Will the playbook be a live document, especially given there are a lot of ‘TBC’s how do we get notified when these things get clarified and known?
A: At the moment the playbook is just a static PDF, however we have an intent  to make it something more interactive and living.  We are going to consult on this and determine the best way of making it more dynamic as the story unfolds.  We also need to work closely with the Lloyd’s engagement team to collaborate and use the Market Readiness engagement communities as channels to convey new information so that we continue to compliment, not conflict with, the work they are doing.
 
 

Q Which lines of business are out of scope for use and adoption?

A: This is a good question for the Lloyd’s FAQ page.  In brief, for Xchanging JV central services everything is in scope in terms of providing like-for-like service reach.  For new components such as the CDR and digital gateway the initial scope is for open market direct insurance and facultative reinsurance. Scope extension to treaty reinsurance and delegated business will come later.
 

Q: The playbook references mandated services, what does that mean?
Think of this in two ways. Firstly, for example when the Xchanging JV implements its new digital service platforms like IPOS or ICOS it will retire the heritage services and systems their internal operations and Market customers are currently using, like ECF, LIDS, POSH, LORS etc. When this happens the new digital processing services are ‘mandated’ by default.  Also, it remains within Lloyd’s gift to mandate certain operating practices for the Lloyd’s Market, as we have seen so successfully applied to electronic trading in recent years. That’s one for Lloyd’s to comment on when the moment is right. The purpose of the playbook is to ensure that every managing agent is equipped with the information they need to start to prepare for a changeover, whether to transition services or full digital and to strongly emphasis that ‘doing nothing’ is not an option. 

 

Q:  Will the CDR be available for consuming prior to the bind stage now?  Previously I understood we could do soft calls at any stage but these were not persisted so we could ingest that data into our own systems?
A: This is a great question but it's a detailed one for the Lloyd’s FAQ, via this link : https://forms.office.com/r/WVh40ZJyb6
 

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