Blueprint Two and the Future of the London Market

From central reform to practical innovation

Introductory:

Lloyd's Blueprint Two programme was designed to modernise the London Market through process standardisation, improved data quality and greater digitalisation. Although the programme has now concluded, its impact continues to shape discussions around operational efficiency, automation and AI adoption across the specialty insurance market. In this interview, Martyna Lis-Roszkowska, London Market Lead at Sollers Consulting, shares her views on Blueprint Two's achievements, remaining challenges and the steps the London Market must take to maintain its global competitiveness.

Looking back at Lloyd's Blueprint Two, what were its biggest achievements and shortcomings for the London Market?

Martyna Lis-Roszkowska: The most important benefit of the Blueprint Two initiative was raising awareness that change is necessary. There was extensive discussion about the need for London Market transformation in order to remain competitive. Market participants in London recognized that improving efficiency is not only about implementing IT tools and modernizing the technology landscape, but also about introducing new business processes and ways of working.

This awareness was followed by concrete actions. Many companies launched digital transformation initiatives, reviewing their end-to-end business processes, IT architecture landscapes, and projects already in the pipeline. This preparation for change may be regarded as one of the greatest achievements of Blueprint Two. It can be seen as a first step toward enabling the faster adoption of AI technologies and automation across the London Market.

However, the most significant successes of Lloyd’s Blueprint Two were related to the actions taken by individual market participants and their willingness to embrace change. By contrast, one of the program’s greatest shortcomings was the implementation of transformation at the central market level. Several factors contributed to this outcome. These included a waterfall approach to transformation, insufficient communication and knowledge transfer between Velonetic and market participants, challenges in capturing and aligning business requirements, and the continued dependence on legacy systems with limited and often inaccurate documentation.

Which elements of the Blueprint Two programme delivered tangible benefits for carriers, brokers and coverholders?

Martyna Lis-Roszkowska: Although Lloyd’s has discontinued the Blueprint Two initiative, the programme delivered several tangible benefits for the London Market, particularly in data quality, standarisation, and insurance processing. These include improvements in data quality and standardisation. One example is Version 3 of the Market Reform Contract (MRC), a standardized digital contract template designed to support more efficient risk placement across the London Market. A properly formatted MRC supports another outcome of Blueprint Two, namely the Core Data Record (CDR). The CDR is a standardized, ACORD-compliant data schema containing the transactional data required for insurance processing and greater interoperability across market participants.

Another important data-related initiative was the development of technical specifications for standardized EDI messages aligned with insurers’ current operating practices and broader London Market modernisation efforts. It should be noted, however, that the outputs of this initiative have since been removed from the Velonetic website and are therefore difficult to access.

Has the focus shifted from large-scale transformation programmes such as Blueprint Two to more targeted, commercially driven innovation? How is the specialty insurance market evolving in response?

Martyna Lis-Roszkowska: While Blueprint Two fell short at the central market level, it demonstrated the potential of more targeted transformation initiatives and commercially driven innovation within the London Market. Various technology providers continue to develop modern solutions for the insurance industry, including underwriting workbenches, advanced pricing platforms, claims management systems and tools that support data-driven decision making. Virtually all organizations that want to remain competitive, including specialty insurers, place a strong emphasis on process automation, AI adoption and more effective use of data.

Both of these priorities require more extensive data capture and utilization, as well as significant improvements in data quality. This appears to be the market’s major priority as it continues its digital transformation journey.

What competitive pressures is the London Market facing from Bermuda, Singapore, the US and other international specialty hubs?

Martyna Lis-Roszkowska: The London Market remains a global leader in specialty insurance, but competition continues to pose a challenge. Other markets, such as Bermuda, Singapore, and the United States, compete through simplified regulations, investment capital for innovation, advanced digital capabilities, and access to younger talent pools that support faster innovation and operational efficiency. As a result, their operating costs are often lower.

Doing business at Lloyd’s is expensive: the expense ratios of Lloyd’s insurers are approximately four percentage points higher than the global average. Alongside deep risk expertise, achieving greater operational excellence, process efficiency and digital maturity will be critical to maintaining the London Market’s competitive position.

How can the London Market preserve its strengths while becoming more efficient, faster and easier to do business with?

Martyna Lis-Roszkowska: The London Market possesses numerous unique strengths and capabilities that, if leveraged effectively, can further enhance its competitiveness as a leading global specialty insurance hub. It benefits from a long-standing tradition, distinctive insurance products, and professionals with deep expertise, extensive experience, and a strong passion for the industry. With this foundation of knowledge and talent already firmly established, the London Market should now focus on adopting a more agile approach, building on the groundwork laid by the Blueprint Two initiative, and accelerating both technological and business modernisation through greater automation, improved data quality and AI adoption. Doing so will help drive greater operational efficiency, innovation and sustainable growth while reinforcing the London Market’s global competitiveness.

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Blueprint Two’s Legacy: An Interview with Martyna Lis-Roszkowska on the Future of the London Market

From central reform to practical innovation

Looking back at Lloyd's Blueprint Two, what were its biggest achievements and shortcomings for the London Market?

Which elements of the Blueprint Two programme delivered tangible benefits for carriers, brokers and coverholders?

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Has the focus shifted from large-scale transformation programmes such as Blueprint Two to more targeted, commercially driven innovation? How is the specialty insurance market evolving in response?

What competitive pressures is the London Market facing from Bermuda, Singapore, the US and other international specialty hubs?

How can the London Market preserve its strengths while becoming more efficient, faster and easier to do business with?

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