LMA Updates MGA Playbook

Latest from the LMA;

The Lloyd’s Market Association (LMA) has 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.