The change that could transform the London insurance market

TINtech, Blueprint Two, London Insurance Market, InsurTech, Technology Service Providers, Regulatory Communication, Insurance Industry Transformation.

Late last year, The Gherkin played host to a crucial TINtech breakfast meeting, drawing together over a dozen seasoned insurance industry veterans. The gathering, comprising a diverse mix of brokers and insurers, centred its discussions on Blueprint Two – a pivotal initiative shaping the future of the London insurance market. InsurTech Novidea, who hosted the event, delved into the hot topics of the discussion.

The main focus of the discourse was the readiness of brokers to embrace the first phase of Blueprint Two, with a mandated deadline of 1st July 2024 for full adoption. The consensus within the group was varied, reflecting a spectrum of readiness levels. Some expressed hesitancy, others doubted whether it would be implemented by the deadline, while a faction conveyed confidence in their organisation’s preparedness.

The open forum provided a platform for a productive dialogue where concerns and opinions freely circulated. As the industry gears up for the transformative impact of the first phase of Blueprint Two on London market brokers, a proactive action plan and a comprehensive understanding of the implications are imperative. The group also engaged in sharing best practices, shedding light on the diverse strategies adopted by organisations in preparation.

Tech Vendors’ Crucial Role

The discussion also brought forward a common belief that technology was at the crux of this transition. Moreover, that brokers will rely on technology service providers to navigate the transition to Blueprint Two.

This widespread viewpoint underscored the pivotal role technology plays in the insurance sector, showcasing the robust relationships between brokers and tech vendors.

Even executives from globally renowned insurance organisations acknowledged their dependence on relatively smaller tech providers for managing operations, building integrations, and implementing the latest go-to-market capabilities.

The success of Blueprint Two, undoubtedly, hinges on the close collaboration between brokers and vendors. However, there are also concerns related to inadequate communication and information flow from regulators.

The participants of the discussion voiced the need for more frequent updates and requirements to enable seamless organisational preparation.

Many even expressed concern regarding the challenge of actively seeking information from multiple sources, causing uncertainty as the deadline approaches. As the deadline looms larger, this perceived lack of communication and transparency is a clear issue for brokers and insurers.

Future Transformations

Looking ahead, the cohort anticipates Blueprint Two to fundamentally reshape the insurance market, fostering improved interactions among brokers, insurers, and customers.

While acknowledging the challenges, most attendees agreed that these changes would propel the market forward, enhancing transparency and efficiency.

The industry now must prepare for the potential ramifications of Blueprint Two. Opportunities will be rife given the aforementioned uncertainty, but equally, failing to prepare may well leave insurers and brokers behind amidst the tide of change.

Copyright © 2024 InsurTech Analyst

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