03 October 2023
LMA Launches New Blueprint Two Playbook for Managing Agents
London, 03 October 2023: The Lloyd’s Market Association (LMA) has today released an updated managing agent Blueprint Two Playbook. The Playbook has been created to provide managing agents with the tools and knowledge required to implement the Blueprint Two market transformation initiatives.
Blueprint Two is a pivotal moment for the London insurance market, as we take a major step to a digital-first mindset across the sector. Blueprint Two implementation and adoption will deliver substantive and value-creating change across the Lloyd’s and wider London market through digitalisation. The Playbook aims to inform managing agents on what they ‘must do’ and ‘should do’ by when. It is complementary to the recently published adoption guide and has been prepared in collaboration with Lloyd’s and Velonetic.
Phase one of the new Blueprint Two solutions are due to go live on 01 July 2024, leaving less than a year for firms to prepare for the testing and cutover. It is therefore vital that all managing agents are aware of and can access the key information needed to navigate the implementation phase.
As a continuation of the Foundational Playbook launched a year ago, this updated Playbook will act as a leveller to collate all the information on the programme and the associated people, process and technology changes. The Playbook will provide Lloyd’s managing agents with consistent insight and guidance on how to incorporate the changes Blueprint Two will present to the market.
When the Foundational Playbook was written, many uncertainties remained. During the past year, the market has made an effort to address these concerns; the updated Playbook as such provides a more comprehensive view of what, when and how action should be undertaken by managing agents.
The LMA has made the decision to launch this Playbook as online only to ensure it is easily accessible and simple to maintain with new or revised content. The Playbook is broken down into phases to provide detailed insight on each stage of the rollout and to answer any questions that the market might have on what is required and how to prepare for it.
Rob Myers, Operations Director at the LMA, said: “The LMA remains committed to arming our members with all the information necessary to navigate the changing world of insurance and to be prepared for the digital revolution taking place. This Playbook builds on what we provided in 2022, fills gaps in knowledge and consolidates understanding in one place. Collaboration with colleagues at Lloyd’s and Velonetic throughout the production has been excellent. We position this as essential reading for managing agents to assist with preparation for what is happening over the next nine months and beyond.”
Matt Unsworth, Transformation Director, Lloyd’s, added: “As we approach the delivery of Blueprint Two through 2024, the refreshed Playbook will support managing agents with their adoption of the new digital solutions. It’s a great example of the collaboration between the LMA, Velonetic and Lloyd’s to aid market participants and their understanding of the changes ahead.”
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Notes to Editors
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About the Lloyd’s Market Association (LMA)
The Lloyd's Market Association (LMA) exists at the very heart of Lloyd's, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. All 51 Lloyd's managing agencies, with a total market stamp capacity of approximately £48bn in 2023, and all Lloyd's members' agents, are members of the LMA.
We represent our members' interests to organisations including governments, regulators, and the market's central supporting body, the Corporation of Lloyd's. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd's and the other market associations to influence initiatives and outcomes. We operate the market's most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com