NEWS & EVENTS

TinTech’s Blueprint Two Deep Dive Day was a great opportunity to hear from players in the Lloyd’s of London, London and Company markets on the challenges, reservations, opportunities, and progress faced during the adoption of this digital modernisation initiative. Below are inari’s top three takeaways from the event.

Last week, the inari team, including Oliver Fox, Marion Mazari, Norbert Gimeno and Mayssam El Kaii, participated in the TinTech Blueprint Two Deep Dive Day and met with London market experts to discuss the changes that need to happen in order to embrace a new way of working.  

Blueprint Two sets out the roadmap to digitalise market processes, make them better, faster and cheaper for all participants – as well as improve the client experience and enhance the value that the Lloyd’s and London markets offer. These changes will impact Lloyd’s firms, the Company Market and broker operations. Traditional processes, data absorption and technology architecture will all be transformed – and Inari is here to help the market facilitate changes in processes to assist the adoption of the Blueprint Two programme.

Here are inari’s top five takeaways from the event. 

1. Digital Adoption.

Blueprint Two is more than just ticking boxes to meet a set of requirements – it is a change in mindset. That said, it will require insurance companies, brokers and MGAs to make significant changes that they cannot afford to get wrong. Market participants need to have a clear adoption strategy to comply with the requirements of this initiative. Inari’s technology can help a company seamlessly comply with the Blueprint Two changes.

• The rise and rise of automation.

Automation will be a fundamental aspect of effective Blueprint Two automation. This will be a challenge for many companies in the London market as processes such as algorithmic underwriting are still relatively new concepts in insurance technology. However, there are many productivity tools – many of which are provided by Inari – which can use automation to extract and trigger data. This will give insurers the power to automate the process of taking on risks and allow them to customise their own bespoke rule set and risk appetite.

• Clever data

A key challenge for getting Blueprint Two ready is figuring out how your firm is going to maximise benefit from the ongoing market modernisation process, deliver an operating model that aligns with Blueprint Two and delivers your own strategic ambitions and operational objectives – both now and in the future.

One of the key aspects to modernising the Lloyd’s market is to harness the power of data – unlocking the analytical capabilities of the data being collected is key to a successful adoption. Inari’s expertise in data analytics and management will help market participants create crucial insights and make informed decisions, as well as streamline their processes. 

For the Blueprint Two programme to succeed, it requires the buy-in and adoption of the entire market. We are encouraged by the pace of innovation in technology and the opportunities a modern data-led working environment can offer to the Lloyd’s and London market.

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