Northdoor’s “Alternate” solution: a viable option for Blueprint Two adoption
With the implementation of Blueprint Two set for the end of 2024, London market companies are seeking solutions to embrace a digital approach.
Introducing Alternate: Northdoor’s Blueprint Two solution
Northdoor plc has partnered with Web Connectivity Ltd. (WCL) to launch its innovative Blueprint Two solution called Alternate. This solution enables London market carriers to conform to the Blueprint Two back-office message changes immediately, without the need for a complete digital transformation. Blueprint Two is a critical digital transformation program implemented by the London market to enhance digital services and operational efficiency, transitioning away from traditional methods.
Multiple options for Blueprint Two alignment
London market carriers currently have two options to align with Blueprint Two. They can either adopt the full digital Blueprint Two program from the beginning or transition to the Joint Venture (JV) Transitional Services.
The JV Transitional Service converts the new fully digital eBOT and eCOT messages into formats similar to the existing EDI messages, such as USM and SCM messages. However, this transitional period is expected to be available for a limited period, after which carriers will be required to switch to a fully digital approach.
The Northdoor and WCL solution offers an alternative by ensuring adherence to Blueprint Two while allowing carriers to retain their existing systems as long as they desire. Click To TweetA third option: Northdoor and WCL’s Alternate solution
Northdoor and WCL present a third option with their new solution. This approach takes the full digital messages from day one and converts them into the format currently received by London carriers, similar to the JV Transitional Services. However, it offers several advantages and differences, as explained by Stuart Favier, Insurance Client Manager at Northdoor.
Benefits of Northdoor’s Alternate solution
Stuart Favier highlights the significance of Blueprint Two for London market carriers and acknowledges the challenges it presents. He emphasises that their solution offers the best of both worlds by enabling clients to adopt the full digital Blueprint Two services from day one, demonstrating compliance without the need to replace existing systems.
The key advantages of the Alternate solution are as follows:
- Minimal operational, process, and IT changes: Carriers can avoid significant disruptions and changes by adopting Northdoor’s solution.
- Flexibility in digital adoption: Carriers are not compelled to go fully digital in practice immediately and can transition to a fully digital function at their own pace.
- Early access to data: Clients using Alternate will have access to the data within full digital messages right from day one.
Avoiding costly upgrades
Stuart Favier mentions that many vendors recommend upgrading existing Policy Admin Systems to the latest version for Blueprint Two compliance. However, this task can be daunting and expensive. The Northdoor and WCL solution offers an alternative by ensuring adherence to Blueprint Two while allowing carriers to retain their existing systems as long as they desire.
Looking ahead with confidence
Blueprint Two may appear challenging and costly for carriers, but it is a crucial step toward the digital transformation of the market. With the Alternate solution in place, carriers can embrace the future confidently, with minimal disruptions, and without the pressure of impending deadlines.
James Willison, Managing Director at WCL, expresses his pleasure in announcing this product launch, emphasising the practical solutions provided by Northdoor and WCL to facilitate meaningful business change within the London market. The adoption of eBOT and eCOT messaging through Blueprint Two will unlock financial efficiencies and align London processes with global standards, making the London market more accessible for business.
Contact us to learn more
For additional information, please contact Stuart Favier, Insurance Client Manager at Northdoor.
See Lloyd’s Blueprint Two progress update.