Lloyd has launched a Blueprint 2 project which is a roadmap to digitalize the insurance marketplace. The company is planning to revamp the whole insurance life cycle process starting from accounting, payments, endorsements to even renewals, claim processing through this project.
Lloyd is also planning to shift the focus from physical processes to digital ones. The major impact this project is going to have is that it will reduce operating cost by 800 million euros of business partners, brokers, and underwriters by digitalizing the process.
Additionally, Lloyd’s marketplace is planning to design a system whereby trying to implement automated claims recognition system, routing and orchestration that will facilitate the process of faster claims Disbursement.
Bruce Carnegie-Brown, chairman of Lloyd said, “This pandemic has given the company an opportunity to rethink what can be done to make sustainable digital business place with respect to the insurance sector and the company believes it will be able to do it.”