Lloyd's of London Puts Ambitious Digital Strategy on Hold
In a significant development for the London insurance sector, Lloyd's of London has quietly shelved its Blueprint Two digitalisation programme after years of delays and mounting challenges. The move comes as new management, led by CEO Patrick Tiernan, seeks to fundamentally rethink the approach to modernising the historic marketplace.
The Rise and Fall of Blueprint Two
Blueprint Two was launched seven years ago with ambitious promises to deliver "profound" change through comprehensive digital transformation. The programme aimed to create a new system to help digitalise the specialist and reinsurance market, involving Lloyd's, market associations, and technology partner Velonetic.
However, the project has been plagued by repeated delays. The original target of full digital adoption by the second quarter of 2024 was first pushed back, with the most recent completion date set for before 2028. Now, multiple sources confirm the programme has been effectively shelved, with the team responsible for market engagement disbanded at the end of last year.
Inside the Decision to Pause
A source from a Lloyd's regulated broker revealed to City AM: "I had a call with the head of change in October, where I was told the project was paused, there's nothing else going on with it, and the team was leaving Lloyd's." This source, who had previously worked on Blueprint Two for their firm, confirmed they are no longer involved due to "no progress happening on it."
Another senior source at an insurance firm explained that Lloyd's was cutting its own costs and investment while pushing more responsibility onto the Velonetic project team. The source clarified that Lloyd's isn't abandoning the digital strategy entirely but is shifting focus to the Velonetic platform while reducing market engagement activities.
New Leadership, New Direction
The shelving of Blueprint Two coincides with leadership changes at Lloyd's. Patrick Tiernan took over as CEO on 1 June 2025, succeeding John Neal who stepped down after seven years. Neal has since faced controversy after AIG dropped his appointment following revelations about an alleged workplace relationship.
According to sources, the new leadership is exploring different strategies to move beyond Blueprint Two and address "the toxicity associated with it." While the underlying need for system change remains, Lloyd's appears to be seeking a fresh approach.
What Comes Next for Lloyd's Digital Future?
City AM understands that Lloyd's has brought in numerous consultants to discuss artificial intelligence strategy with the new management team. This suggests that while Blueprint Two may be shelved, digital transformation remains a priority, albeit with a different approach.
When approached for comment, a Lloyd's spokesperson stated: "Lloyd's remains absolutely committed to supporting the re-platforming of the market to a resilient, cloud-based operational infrastructure."
The spokesperson added that Lloyd's continues to work closely with Velonetic and other shareholders to:
- Ensure heritage systems remain operationally resilient until at least 2030
- Provide market assurance of long-term stability
- Establish a roadmap for transitioning to digital services through incremental, carefully sequenced steps
This development represents a significant moment for London's insurance sector, highlighting the challenges of digital transformation in traditional financial markets and the strategic shifts occurring under new leadership at one of the city's most iconic institutions.
