Lloyd’s says the new complex risk platform being developed as part of its Blueprint One overhaul will be tested this year before full scale-up in 2021.

As part of the plans Lloyd’s has confirmed that the corporation will take a 40% stake in the electronic placement platform that will form part of the new complex risk technology.

The marketplace has been completing transitional work ahead of this month’s Phase One start to its Blueprint program, which was developed under a Future of Lloyd’s project to cut costs and become more globally competitive.

Other priorities for this year include improvements for bringing coverholders onboard and more efficient processing of claims.

“We are now ready to start building the Future at Lloyd’s, having achieved three major objectives – securing finance, setting the governance structure and detailing the plan for the next 12 months and beyond,” CEO John Neal said last week.

Middle and back office improvements and work on data frameworks and standards are also a focus for this year.

In January Lloyd’s specialty insurer Brit launched a fund that offers sources of alternative capital, such as insurance-linked securities (ILS) investors, improved access to the market.

Another ILS pilot is planned for this year and there are “serious, but early” discussions for an additional pilot next year.