Blog: Lloyd’s Blueprint Two
Blog -- 12 November 2020
Author: Sequel Marketing
Tim Rayner, Business Development Director at Sequel, considers Lloyd’s Blueprint Two, published on Thursday 5 November, which plots the course for a revolution in how delegated authority business will be transacted in the London market.
One of the main operational barriers for coverholders, Blueprint Two says, is having a trading system that supports their business needs while also meeting Lloyd’s data requirements. Lloyd’s has responded with the development of a cost-effective, configurable platform called Coverholder Workbench with Sequel which is now live.
As discussed recently with Marc Bloom, COO of Lloyd’s Americas and business owner of Coverholder Workbench, in our ‘Driving Digital Placement’ interview on Insider Engage, Coverholder Workbench includes all the essential quote and bind, referral, policy production, reporting and credit control capabilities coverholders need to trade. It will be linked to Delegated Data Manager (DDM) – the market’s centralised data capture platform for submitted premium, risk and claims data. Submission of delegated authority data to DDM will be mandatory by H2 2021.Crucially, Blueprint Two says managing agent risk level reporting and bordereau submissions will be gone by 2022. Rather than waiting weeks for the transfer of bordereau spreadsheets containing out-of-date exposure information, market participants will instead share data in near-real time within a market-wide ecosystem and see a number of key placement and settlement processes automated, improving decision-making, speed, accuracy and efficiency across the market. This is a goal Sequel has long worked towards with its suite of insurance management solutions including Sequel Rulebook and Sequel Rulebook Hub.
Lloyd’s has also developed an insights portal using Coverholder Workbench data that will give stakeholders greater oversight across their delegated portfolios.
Market initiatives such as these, in combination with solutions such as Sequel’s Rulebook Hub, a market portal that allows coverholders to view and receive quotes from multiple capacity providers in real-time within one central platform, will equip London and overseas coverholders with a powerful toolbox from which to write business quicker, more transparently and more effectively than before.
The seamless integration of Sequel Rulebook Hub, Coverholder Workbench and DDM will revolutionise not only transactions in the Lloyd’s market but also the competitiveness of London globally, particularly on increasingly automated high volume business, where London has lost ground in recent years.
We welcome Blueprint Two and look forward to playing a key role in its implementation.
"The seamless integration of Sequel Rulebook Hub, Coverholder Workbench and DDM will revolutionise not only transactions in the Lloyd’s market but also the competitiveness of London globally, particularly on increasingly automated high volume business, where London has lost ground in recent years."