Media Release 10 June 2024

NEW IUA COMMITTEE TO REVIEW BLUEPRINT TWO PROGRESS

A new London Market committee has been established by the International Underwriting Association (IUA) to review progress on the adoption of new digital services. Under the Blueprint Two programme a single digital platform is being established for processing premiums and claims. A target date of October 2024 has been set for insurers to cut over to phase one of these new services.

The IUA’s Cut-over Review Committee will review information about the readiness of the London company market, and its technology partner Velonetic, to make this switch. It will advise the IUA Board, so that it can be assured there is no reason to recommend not cutting over to the new services.

IUA Chief Operating Officer Louise Day, said: “The transition to a digital marketplace in the world’s largest insurance hub is a vast and complex undertaking. There are huge potential benefits with placements, claims and settlement set to operate faster and cheaper.

“It is essential that the process runs as smoothly as possible and so our new group will allow IUA members to closely monitor testing, training and other preparations as the changeover approaches. We will be conducting an expert review of readiness documents to ensure senior executives on the IUA Board are fully informed of progress across the company market.”

The IUA Cut-over Review Committee will meet at least monthly until the switch to new digital processing services has been achieved. An introductory meeting was held last week and the first official meeting is scheduled for July. The group is comprised of senior practitioners with expertise in information technology and security, digital transformation and business processing. It is chaired by Theo Butt, Chief Executive Officer of Convex Insurance UK Limited. He is a member of the IUA Board and the association’s Deputy Chair.

Ends

Contact:
Scott Farley
Director of Communications
International Underwriting Association
Tel: 0207 617 4449
Mobile: 07921 699 218
E-mail: scott.farley@iua.co.uk

Notes to Editors:
About the IUA The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies.