New IUA group to assess London Market Blueprint Two progress
The International Underwriting Association (IUA) has established a new London Market committee to review the adoption of its new digital services, including Blueprint Two.
Under the Blueprint Two programme a single digital platform is being established for processing premiums and claims. A target date of October 2024 has been set for insurers to cut over to phase one of these new services.
The IUA’s cut-over review committee will review information about the readiness of the London company market, and its technology partner Velonetic, to make this switch.
The group is comprised of senior practitioners with expertise in information technology and security, digital transformation and business processing. It is chaired by Theo Butt, chief executive officer of Convex Insurance UK, who is a member of the IUA board and the association’s deputy chair.
The committee will meet monthly until the switch to new digital processing services has been completed. The first official meeting is scheduled for July.
Louise Day, IUA chief operating officer, said: “The transition to a digital marketplace in the world’s largest insurance hub is a vast and complex undertaking. There are huge potential benefits with placements, claims and settlement set to operate faster and cheaper.
“It is essential that the process runs as smoothly as possible and so our new group will allow IUA members to closely monitor testing, training and other preparations as the changeover approaches. We will be conducting an expert review of readiness documents to ensure senior executives on the IUA Board are fully informed of progress across the company market.”
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