Lloyd’s has delayed indefinitely its phase one shift to digital services, which was planned for October under its Blueprint Two initiative.

“We’ve faced challenges which have impacted our timelines, particularly with testing,” the London market’s CEO John Neal said. “In light of these setbacks, it is appropriate to postpone the cutover.”

He says market testing of the new platform is eight weeks behind schedule, driven by onboarding and integration issues.

A new switchover date will be “informed by market feedback” as testing progresses. 

“We will only cut over to phase one digital services once it is safe to do so, with a ... rollback and contingency plan in place,” Mr Neal said.

Lloyd’s published its Blueprint Two document in late 2020, estimating brokers and insurers could collectively reduce costs by more than £800 million ($1.4 billion) – about a 3% reduction in operating costs – through greater efficiency, reduced bureaucracy and automation.

The change aims to address disjointed processes in placement and claims, supported by enhanced use of data and improved digital systems. Actions taken under Blueprint One have already simplified the process of accessing products and services.