Velonetic has revealed that the market cutover to Blueprint Two phase one digital services will 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.
If you recall, back in December of 2023, after a request from the Lloyd’s Market Association Board, Velonetic and Lloyd’s decided to move the launch date of phase two of Blueprint Two digital services (which includes the Digital Gateway) to April 2025.
Earlier that year, it was confirmed that the Blueprint Two digitalisation programme would be delivered in two phases, with phase one going live in a single market cutover on 1st July 2024, which has now been moved back a further three months.
The feedback that drove this decision reportedly included concerns relating to delays experienced with the Vanguard early adoption programme, the time available to both understand testing evidence and complete testing; and land internal approvals and assurance activities with Boards.
“Through April 2024, Velonetic and Lloyd’s will finalise a new milestone plan for the market, which should take us to a target cutover date of October,” Velonetic said in a statement.
It continued, “By moving the cutover period, we enable market participants to complete their Q3 2024 reporting and provide an additional three months to undertake their internal testing and assurance activities ahead of cutover.”
As Reinsurance News understands, the costs of deploying this phase are also expected to have risen.
Velonetic and partners, including Lloyd’s, suggested that they are committed to ensuring a safe cutover for all market participants and system vendors.
Velonetic added, “The cutover to phase one will only occur once Velonetic and Lloyd’s, through the appropriate governance forums, are confident that the technology works, with a robust cutover, rollback and contingency plan in place.
“We’re working alongside the market associations to ensure we can safely deliver phase one of Blueprint Two, and will confirm the new cutover date and publish a new milestone plan as it is developed.”
Meanwhile, intending to further support market participants, Richard Dudley has agreed to work alongside the leadership teams across Velonetic, DXC Technology and Lloyd’s to guide its engagement with key market stakeholders and aid their understanding and readiness ahead of phase one cutover.
Dudley is a member of the Council of Lloyd’s and chairs the Blueprint Two Cutover and the Technology & Transformation Advisory Committees. As per Velonetic, he is set to spend time with market participants to hear and respond to feedback and insights as it prepares for the cutover.
