A TIN and Guidewire report on the key challenges facing the London market
This TIN report seeks to identify the key challenges surrounding the implementation of Blueprint Two (BPII), the Lloyd’s modernisation agenda in the London market, and is based on a survey conducted with the TIN community in April 2021 in partnership with Guidewire and PwC, and on research and phone interviews conducted by TIN.
This report aims to summarise the findings of the survey, but also offers some brief comment and analysis, and suggests some issues that warrant further discussion at the event in June.
The business benefits
Taking a half glass full approach, we started the survey by asking respondents to choose the single biggest positive impact BPII will have on their business. All of the choices are stated or implied objectives of the FAL initiative but would also feature as key drivers in any transformation project (one would hope!). The interesting aspect of this is where respondents hope to see the benefits of modernisation being realised:
The market clearly sees the main benefits of BPII being primarily focussed around process efficiency and removing duplication and errors - rather than an exercise in achieving customer centricity or improving the customer experience.
Whilst there is clearly a connection between driving efficiency in market processes and improving the client experience, it is notable that such a clear majority feel that the biggest impact of improvements in centralised processes will be on their own operations rather than the client experience. This may be indicative of how many perceive the current modernisation environment: they are keen to invest in improving the client experience and improve service levels and speed of settlement, but are hampered by inefficient market processes and a slow moving modernisation agenda.
Many of the comments in the survey reflect improving internal market processes will lead to both efficiencies and improvements to the client experience:
Improving the use of APIs and data will help us reduce duplication across the insurance market and within individual companies. This will reduce errors, duplication, and cost. It will drive efficiency in the market and bring us into the modern world of tech and not seem out of date.
Through the negating of duplication and reducing time wasted waiting for systems to connect with each other…we are guaranteed to see improvements in the client experience
I think the data first approach and creating a Data Standard will enable firms to move towards digital processing and to reduce costs, which in turn will improve the client experience.
The operational challenges
The next question asked respondents to rank the main operational challenges to implementing BPII, and to briefly explain their answers...
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