This marks a pivotal moment for the Lloyd’s insurance market as it advances towards a fully digitised operational functionality. Blueprint Two, originally unveiled in November 2020, is a road map for modernising business models, practices and systems within Lloyd’s. He explains that despite the operational effectiveness of Lloyd’s current platform – a 30-year-old mainframe-based system – it is now considered “inefficient”. The CDR will establish a singular, digital version of data for policies written within the Lloyd’s market. For James, the digital transformation of Lloyd’s will not diminish the importance of face-to-face relationships, which the industry prides itself on.

Source: The Times February 15, 2024 09:32 UTC