Fail to Prepare, Prepare to Fail

Back to Insights

08 August 2022 | 2-minute read 

Two years from now - if everything goes to broadly to plan - the Lloyd’s and London Insurance Market will be basking in the sun of a new dawn - the beginnings of a digitally enabled marketplace integrating risk placement with automated premium accounting and claim settlement and a big step towards a data-first market and huge milestone in the most ambitious end-to-end transformation programme attempted in the 40 years I’ve worked in this market.

My thoughts on this from 18 months ago are here.

All that change is worthless unless market organisations are ready to engage, consume it and unlock the benefits it presents, critically, in collaboration with one another. This really is a 'sum of the parts' change programme.

Last week the Lloyd's Market Association delivered the Future at Lloyd's Blueprint Two Readiness playbook to all its managing agent Members. This Foundational Playbook will facilitate our Members planning and preparation for a better future to be enabled by the transformational change being delivered by the ‘once in a lifetime’ (maybe two) Blueprint Two delivery programme. It equips every managing agent with a consistent set of insights, understanding and basis for change planning and engagement with the Future at Lloyd's programme’s forthcoming Readiness Tracking conversations. It gives guidance on what a managing agents will need to do, with whom and when. There remain lots of important, unanswered questions but we now have these catalogued in one place and will be engaging Lloyd'sDXC Technology, PPL (Placing Platform Limited), LIMOSS (London Insurance Market Operations & Strategic Sourcing) and the LMG (London Market GroupData Council over the coming months to chase down the answers. To do nothing is not an option and this playbook starts to lay out the choices our Members have to Do Something.

Special thanks to NTT DATALloyd's and DXC Technology for the exceptional support and collaboration that made this happen.

You can download the Foundational Playbook including access to a new Self Assessment Guide and some early questions, here.

Rob Myers
Operations Director

View Profile