Case Study: Helping the Specialty Market Navigate Blueprint Two

On Monday, 26 February, Lloyd’s and Velonetic jointly hosted the first Blueprint Two Working Session of 2024, attracting more than 550 industry participants eager to navigate the changes reshaping the London Market.

Amidst this evolving landscape, we remain committed to our clients, as demonstrated by our integrated approach to Data First solutions in the Specialty Market.

Overview: What Sets Us Apart

One of our Blueprint Two solutions brings together products from Verisk businesses Morning Data and Whitespace:

1. Novus: A core management and production platform for (re)insurance intermediaries incorporating the Paradigm Data Model.
2. Whitespace: Placing platform empowered with a suite of APIs, facilitating streamlined data sharing.
3. Eos App Suite: includes Digital Onboarding and Contract Checker (and other integrated apps) for comprehensive client support,.

Implementation Process: Navigating the Blueprint Two Journey

Phase 1: Novus Integration

• Novus deployment, inclusive of 44 industry-standard reference lists aligned with the CDR, ensures seamless data orchestration.
• Swift 10-week delivery with a single source code SaaS deployment, tailored to match the client's business profile.
• The system can immediately be used to start processing specialty commercial insurance, facultative reinsurance, treaties and delegated authority.

Phase 1.1: Eos Integration

• Simultaneous rollout of Eos suite of point solutions apps, integrated with Novus to link the core platform with external trading partners and third-party data.
• Digital Onboarding app within Eos enhances data collection, incorporating Companies House lookups, FCA checks, Google address search, sanctions checking and automatic deriving of Longitude, Latitude and What3Words.
• Automated reminders to all parties to respond in a timely manner and keep details up to date.
• Streamlined compliance checks and automated setup of entities in Novus via API, minimising administrative overhead.

Phase 2: Workflow Enhancement

• Processing began within 3 months of agreement to proceed.
• Client received training, including contract setup, technical processing, financial accounting, claims processing, and document production.
• Eos Contract Checker ensures adherence to CDR rules, minimising correction loops downstream.
• Integration of Novus to Whitespace allows seamless creation of a full MRCv3 contract through pre-configured templates, ready for carrier extraction via API.
• Once the market is signed down, the complete contract automatically submits to Novus for full audit trail and is accessible on the Eos platform supporting policyholder self-service.

Benefits

• Single entry of data for multiple purposes not only meets minimum requirements but provides a 360 view of the policy and the policyholder.
• By adding in other Eos Apps, the broker can further automate traditional administrative tasks, such as the automatic distribution of statements.
• Enhances data quality and automatic data point augmentation.
• Reduction of query loops, both internally and during the upcoming Phase 2 of Blueprint Two within the Bureau.
• Simplified data entry, eliminating traditional inefficiencies and allowing the broker to focus on value-add tasks.
• Improved decision-making, client experience, and organisational efficiency.

While the cultural and operational shift of Blueprint Two presents challenges, making these processes simpler and more effective is our bread and butter. We are proud to be in a position where our clients are already making the shift and leveraging our Data First philosophy.

Get in touch with our team today to decode what Blueprint Two means for you.