Sheila Cameron, CEO of the Lloyd’s Market Association (LMA) has noted that it welcomes the decision by Velonetic, supported by Lloyd’s Council, to postpone again the cutover date for Blueprint Two, which was “taken in light of the reality that delays in testing have meant that it is no longer safe to cutover in October.”
“The LMA remains committed to achieving the following three outcomes before the Blueprint Two programme goes live: a solution that works; a market that is ready; and a cutover that is safe,” Cameron explained.
She added that only when these are all in place, and not before, will be the time to make the switch to the new system.
Back in March of this year, Velonetic revealed that the market cutover to Blueprint Two phase one digital services would move from July 2024 to a target date of October 2024, a decision driven by feedback shared by market participants and their respective market associations.
Now, with further delays, Cameron has observed that “momentum must not be lost,” adding, “The LMA encourages the market to continue to push forward with the execution of testing over the coming weeks and months, as and when the testing facilities become available from Velonetic.”
Cameron continued, “The London market is united in wanting this programme to reach a successful conclusion.
“While this is taking longer than planned, it is important to remember that implementing digital processing services with Velonetic is the first step in achieving our vision of a digitised marketplace.”
The LMA’s CEO concluded, “The LMA welcomes the opportunity that this postponement affords to consult with the market on a replan that should be driven by the achievement of milestones rather than dates.
“This will ensure market-wide confidence that the programme will be a well-planned and orderly success.”
Underlining its rationale for the pushback, Velonetic, said that as it has progressed with the delivery of phase one, it has faced challenges which have impacted its timelines, particularly with testing.
John Neal, CEO of Lloyd’s, went on, “Market testing of the new platform is progressing but running eight weeks behind schedule, driven by onboarding and integration issues. We’re confident we can resolve defects quickly and encourage the market to maintain momentum with their own testing schedules.”
“Both Velonetic and Lloyd’s are committed to ensuring a secure cutover to Blueprint Two phase one digital services for all market participants and system vendors. In light of these setbacks, it is appropriate to postpone the cutover.”
“We will only cutover to phase one digital services once it is safe to do so, with a robust cutover, rollback and contingency plan in place, and that we are satisfied a number of key activities have been completed or are near completion. Only then will we decide a new cutover date, informed by market feedback.”
