Why the latest Blueprint Two postponement feels like a flight delay

Delays — we have all experienced them, especially at the airport. You arrive on time, look at the monitor, and your flight gate is not yet shown. When it is finally shown, you go to the gate and your plane is conspicuously absent. Then the first delay is announced. Followed by the second.

When Lloyd’s and Velonetic announced in June that Blueprint Two phase one, which had been scheduled for October 2024, would again be postponed, it felt like another flight delay. And the London Market was understandably frustrated.

But there is a silver lining. Flights are most often delayed to ensure safe, successful voyages and landings. The decision to delay Blueprint Two is no different. Lloyd's and Velonetic’s aim is to ensure a secure, successful transition to a fully digitalised market.

Another benefit to flight delays is that they give us more time. Time to send that email or text, charge your phone, and buy that adapter you forgot to pack so you are well prepared for arrival at your destination.

Similarly, London Market insurers now find themselves with more time to prepare for modernisation. Those with outdated legacy systems have the opportunity to move to a connected, modular cloud platform. Lloyd’s and Velonetic are postponing deadlines to ensure that the right technology is in place when the cutover does happen; insurers should do the same.

And as the Lloyd's Market Association Chief Executive Officer, Sheila Cameron, pointed out, it’s important to maintain the momentum. At Guidewire, we are fully committed to helping our clients navigate Blueprint Two and ensure they meet the standards with the most resilient, adaptable, and flexible cloud platform. We all want the flight to take off, and it eventually will. In the meantime, we believe that market practitioners can benefit from the extra time to ensure a successful landing.