NTT Working With Lloyd’s on Blueprint Two Playbook

NTT DATA UK&I, a trusted global innovator in business consulting and IT services, has today announced that it has produced the Blueprint Two Foundational Playbook for the Company Market on behalf of the International Underwriting Association (IUA) and London Market Joint Ventures (JV) supported by Lloyd’s.

The release of this new Foundational Playbook represents the third instalment in a series from NTT DATA to support the preparation for a digital future by those firms operating in the London Market. It follows the Blueprint Two Foundational Playbook for Managing Agents, created in partnership with Lloyd’s and the London Markets Association (LMA), and the Blueprint Two Foundational Playbook for Brokers, which was created with Lloyd’s with support from London & International Insurance Brokers Association (LIIBA). Now, NTT DATA has combined its expertise with the IUA and the London Market Joint Ventures, supported by Lloyd’s, to help prepare Company Market carriers for the digital transformation of central services that will be brought on by the implementation of Blueprint Two solutions.

As a critical community in the London insurance market, it is vital to help Company Market Carriers prepare for the changes coming with Blueprint Two. Furthermore, the success of Blueprint Two hinges on the readiness of each and every Company Market carrier to implement change for the cut-over to new digital services. The IUA, London Market Joint Ventures and Lloyd’s want to provide carriers with the information necessary to support their in-house digital pathway planning, budgeting, and operational change activities so that every carrier can benefit from an advanced, digital insurance marketplace.

Blueprint Two is designed to improve the London insurance market by making it better, cheaper, and faster for all participants to utilise central services by standardising the data flows to globally recognised ACORD standards and digitalising the services provided by Xchanging Ins-sure Service (XIS) – a Joint Venture between the IUA, Lloyd’s and DXC Technology. However, for the implementation of Blueprint Two to be successful, the workforce behind the London insurance market must be supported in preparing and implementing the changes into their daily work. Therefore, NTT DATA was brought in to produce the three Foundational Playbooks to assist managing agents, brokers, and Company Market carriers and provide the required support as they begin their digital transformation.

Shaun Howarth, Insurance Practice Director at NTT DATA UK&I, commented: “Building on the momentum of the last two Playbooks produced by NTT DATA, Lloyd’s, and the LMA and LIIBA respectively, we developed this new Playbook to help Company Market Carriers understand their requirements and provide them with a suggested approach to implementing Blueprint Two recommendations. To produce this Playbook, we pooled our extensive expertise with the team at the IUA and London Market Joint Ventures, with the support of Lloyd’s to offer clear and detailed advice to drive forward the digital transformation of the London insurance market. We are looking forward to continuing to support the insurance industry over the coming months as it continues to adapt to the Blueprint Two guideline.”

Louise Day, Chief Operating Officer at the IUA observed: “I am delighted that we have been able to work with the London Market Joint Ventures and NTT Data to publish this foundational playbook that will help Company Market carriers start to understand what they need to do in order to adopt the new digital claims, accounting and settlement services currently under development. This is a generational improvement in capability and we will ensure that our members are kept abreast as further detail becomes clear over the lifetime of this complex transformation”.

Peter Houston, Head of Engagement of the London Market Joint Ventures said “No two organisations operating in the London Market are the same. The diversity in the nature, scale and complexity of market participants means that each will have its own path to the digital future. I am very pleased that the Company Market Carrier Foundational Playbook issued today completes guidance for what transformation involves, the benefits and impact of the changes, and when actions need to be taken. The London Market works best when it collaborates and the completion of the playbook is great example of this through the partnership between the IUA, the London Market Joint Ventures, Lloyd’s, and NTT Data.”

About alastair walker 10593 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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