Market Modernisation

Sprout.ai poised to launch two new “top 10” global carrier partnerships in H1

Claims automation technology insurtech Sprout.ai is preparing to announce two new partnerships with “top 10 insurers worldwide” in the near future, The Insurer can reveal.

PPL delays launch of Next Gen platform

PPL Next Gen has been delayed by two weeks with 6 March set as the new date for the platform’s launch.

Stubben Edge mulls Lloyd’s SIAB launch after valuation hits £175mn

Stubben Edge is mulling plans to enter the Lloyd’s market in the near future through the launch of a syndicate-in-a-box after the London-headquartered fintech last week secured a £175mn ($211.28mn) valuation, The Insurer understands.

Hauser: Isle of Man Insurtech Accelerator Program “exceeded our expectations”

The first-ever Isle of Man Insurtech Accelerator Program has concluded its four-month program with the organisers suggesting it “exceeded our expectations.”

Brokers and young professionals central to London market modernisation in 2023: Liiba

The London & International Insurance Brokers’ Association (Liiba) has called for young professionals to be put at the centre of market modernisation discussions in 2023 as it sets out its agenda for the year ahead.

Regulatory challenges and digital transformation dominate IUA 2023 business plan

Regulatory challenges such as the implementation of Solvency II reforms and the scope of the FCA’s fair value requirements will form a key focus for the International Underwriting Association in 2023, according to the body’s new business plan.

Data science and machine learning: Unlocking new frontiers in claims

WTW’s Pardeep Bassi explores how data science and machine learning are transforming the world of insurance and, more recently, the claims operation.

PPL confirms Next Gen rollout in February 2023

Placing Platform Limited (PPL) has confirmed that the Next Gen platform will be delivered to the market on 20 February 2023.

LMG’s Data Council confirms Q1 2023 implementation for market reform contract

The London Market Group (LMG)’s Data Council has confirmed that the intelligent market reform contract (MRC v3) will be released at the end of the first quarter of 2023, at the same time as the updated core data record (CDR v3.2).

Neal shows determination in returning to the fray of market modernisation

Lesser men than John Neal may have decided to call it quits when the Lloyd’s CEO found himself lying in a hospital bed in March 2022 recovering from six hours of surgery after a horrific cycling accident.

Lloyd’s CEO John Neal urges market to “seize the opportunity” of £300mn Blueprint Two transformation

Lloyd’s is standing at a “pivotal point” in its digital transformation journey, CEO John Neal said today as he urged the market’s underwriters and brokers to “seize the opportunity” afforded by his modernisation initiative.

Neal confirms Blueprint Two now delayed until 2024

Lloyd’s CEO John Neal has provided an upbeat assessment of his Blueprint Two market modernisation initiative but also confirmed completion has been delayed and will now slip into 2024.

All London market tech partners now support Blueprint Two solutions: Lloyd’s

Lloyd’s has confirmed that all London market technology vendors that interact with the existing central services intend to accommodate the new Blueprint Two solutions.

Data Council pushes back iMRC timeline after “overwhelming” consultation response

The Data Council has pushed back the launch date for the intelligent market reform contract (iMRC) following an “overwhelming” surge in feedback submitted by the market in the closing stages of the consultation on the new contract template.

The London market’s cry for help: “We just want a trading system that mirrors the way we trade in real life”

Despite all the talk of modernisation, the London market’s day-to-day operations are still defined by manual processing, low productivity and clunky trading interaction, writes Ben Bolton.

Neal: Blueprint Two “on track, on budget, on time” but delivery “will get harder”

The delivery of the Blueprint Two transformation programme is scheduled to be executed on budget by the end of next year, Lloyd’s CEO John Neal has said, but the market should expect “some bumps in the road” ahead of the modernisation project completing.

Lloyd’s pegs Blueprint Two delivery spend so far at £40mn

Lloyd’s has spent around £40mn so far on the delivery of Blueprint Two, with CEO John Neal reassuring the market that the transformation programme remains on budget.

Lloyd’s U-turns on Manchester hub in efficiency drive

Lloyd’s has scrapped its plans for a Manchester hub, making the existing digital-focused roles redundant as the Corporation continues to balance cost management with CEO John Neal’s need for modernisation results.

Remembering Roy Laker (1949–2022)

When it comes to process efficiencies, the London market and technology have often been awkward bedfellows.

New Feb 2023 deadline for delayed Next Gen PPL

An updated timeline for the expected delivery of the Next Gen PPL platform has been provided which is now set to be rolled out to the market in February 2023.

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