Today, Velonetic has announced that the market cutover to Blueprint Two phase one digital services will move from July 2024 to a target date of October 2024. Both the Velonetic Board and Council of Lloyd’s are supportive of this decision.
While the technology will be delivered in July, the decision to move cutover has been driven by feedback shared from market participants and their respective market associations. This includes concerns relating to delays experienced with the Vanguard early adoption programme, and the time available to both understand testing evidence and complete testing, and land internal approvals and assurance activities with Boards.
Through April 2024, Velonetic and Lloyd’s will finalise a new milestone plan for the market, which should take us to a target cutover date of October. By moving the cutover period, we enable market participants to complete their Q3 2024 reporting and provide an additional three months to undertake their internal testing and assurance activities ahead of cutover.
Velonetic and partners, including Lloyd’s, have committed to ensuring a safe cutover for all market participants and system vendors. The cutover to phase one will only occur once Velonetic and Lloyd’s, through the appropriate governance forums, are confident that the technology works, with a robust cutover, rollback, and contingency plan in place.
We’re working alongside the market associations to ensure we can safely deliver phase one of Blueprint Two and will confirm the new cutover date and publish a new milestone plan as it is developed.
To further support market participants, Richard Dudley has agreed to work alongside the leadership teams across Velonetic, DXC Technology and Lloyd’s to guide our engagement with key market stakeholders and aid their understanding and readiness ahead of phase one cutover.
Richard is a member of the Council of Lloyd’s and chairs the Blueprint Two Cutover and the Technology & Transformation Advisory Committees. A respected industry leader, Richard has extensive knowledge of the London marketplace and will spend time with market participants to hear and respond to feedback and insights as we prepare for cutover. The team are delighted to have Richard onboard.
Thursday 28 March 2024
Please email [email protected]with any queries.