Delay in the rollout of Lloyd's of London's BluePrint Two plan once more

Lloyd's of London Delays Digitalization Strategy Blueprint Two

Lloyd's of London, the world's oldest insurance market, has announced a delay in the rollout of its digitalization strategy, Blueprint Two, for the fourth time. The new CEO, Patrick Tiernan, revealed that the re-platforming element of Blueprint Two will now go live in 2028.

The decision to postpone the implementation of Blueprint Two was made to ensure the operational resilience and effectiveness of the London insurance market. Sheila Cameron, CEO of Lloyd's Market Association, stated, "We are committed to doing what's right, and this move prioritizes the long-term success of the London market over speed."

Blueprint Two, initially pitched as an ambitious strategy, aims to deliver a profound change in the market through digitalization. The strategy was launched six years ago and was initially estimated to launch phase one in June 2024. However, due to its complexity, the launch date has been pushed back multiple times. The current schedule indicates that phase one will now launch in 2026.

Caroline Wagstaff, CEO of the London Market Group, commented on the news, stating, "Getting the re-platforming element of Blueprint Two right is vital, and while the timing may be disappointing, the clarity now on costs and next steps should offer market firms considerable comfort." Wagstaff added that the importance of having an infrastructure that can reliably and securely support the scale and complexity of the market is the real purpose and win of this long-term project.

The delay in the implementation of Blueprint Two is not without its consequences. Gross written premiums at Lloyd's climbed to £32.5bn for the first half of 2025, up from £30.6bn reported for the same period last year. However, the profit before tax for the same period was £4.2bn, a significant drop from the £5.7bn reported in the first half of 2024.

Despite the delay, the focus remains on facilitating sustainable and attractive returns on capital through the economic cycle. Cameron emphasized, "Our commitment to delivering a digital, data-driven market remains unwavering. We will continue to work tirelessly to ensure that Blueprint Two delivers on its promise of a more efficient, effective, and resilient London market."

Lloyd's of London, market associations, and Velonetic are working together to build a system to digitalize the market. The collaboration is aimed at ensuring that Blueprint Two delivers on its promise of a more efficient, effective, and resilient London market when it goes live in 2028.