Blueprint Two: What it means for In-house Brokers
Blueprint Two is a revolutionary project aimed at transforming the Lloyd's of London insurance market by leveraging cutting-edge technology and fostering innovation. As a leading initiative for the future of Lloyd's ecosystem, Blueprint Two has made significant progress in recent months, with the adoption and development of its strategy accelerating at a rapid pace.
The market is demanding these changes, and compliance is a particular point of concern for firms placing and transacting risks using in-house brokers.
The most recent milestone was 30 September 2023, by which date all brokers should be producing compliant MRC v3 contracts, with it becoming a mandate for all risks incepting or renewing to inception from 1 January 2024.
What's changing?
By the end of Q3, all firms dealing directly with insureds on an open market basis will be required to comply with the MRC v3, with embedded structured data.
The CDR defines the data that needs to be collected by the point of bind to drive downstream processes, whilst the MRC v3 sets data standards; enabling accurate, standardised data including the CDR to move through the insurance lifecycle with little to no human intervention.
By adopting the core digital solution, market players will benefit from improved settlement time; data completeness with increased accuracy and consistent quality; and ultimately, improved operational resilience and agility.
Have you considered your strategy? As the market embraces digital change, we are here to support our clients in meeting the new London Market requirements and reaping the benefits. If you need a helping hand or simply some advice, get in touch with the team.
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