Fail to Prepare, Prepare to Fail
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…..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 #FutureatLloyds 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 #FutureatLloyds programme’s forthcoming Readiness Tracking conversations. It gives guidance on what a managing agent 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's , DXC Technology , PPL Placing Platform Limited , LIMOSS - London Insurance Market Operations & Strategic Sourcing and the London Market Group Data Council over the coming months to chase down the answers. Do Nothing is not an option and this playbook starts to lay out the choices our Members have to Do Something.
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Special thanks to NTT DATA , Lloyd's and DXC Technology for the exceptional support and collaboration that made this happen.
If you want to download the Foundational Playbook including access to a new Self Assessment Guide and some early questions, please visit the LMA website: https://www.lmalloyds.com/LMA/Market_Processes/Foundational_Playbook.aspx .?
Helping organisations to extract more value from data | Business Analysis & Project Management | Online training, workshops and emerging technology webinars and masterclasses | Keynote speaker
2 年I'm genuinely looking forward to reading about the successful implementation and adoption of this project in August 2024. Too often we hear of projects that are "going live in 18 months". And that 18 months turns into a rolling 18 months as scope is gradually eroded, budgets topped up and enthusiasm decreases. Let's have implementation dates that everyone commits to.
Creating digital as the new normal for MS Amlin Underwriting Ltd
2 年Thanks Rob. The Playbook has been well received here at MS Amlin. BP2 does feel a lot more real this time and we look forward to working through the adoption requirements with Joe Dainty and his engagement team. We all know the devil will be in the detail so fingers crossed that the designs all fit together perfectly ??????
Executive Board Director at Fennech Financial Limited
2 年I can’t think of anyone better placed to help guide whether this will be a success or not. Rob I know you will keep pushing and challenging potential pitfalls to success