Blueprint Two, the project to digitalise Lloyd’s, is behind schedule, prompting the organisation to push its launch back from its planned October target date.

Lloyd’s and Velonetic, which represents the joint ventures between DXC Technology, the International Underwriting Association and Lloyd’s, said the cutover to phase one digital services has been postponed to ensure safety and ample market readiness.

The Velonetic board and shareholders, and the Council of Lloyd’s, are supportive of this decision, the parties said.

John Neal, CEO of Lloyd’s, said: “As we progress with delivery of phase one, we’ve faced challenges which have impacted our timelines, particularly with testing.

“Market testing of the new platform is progressing but running eight weeks behind schedule, driven by onboarding and integration issues. We’re confident we can resolve defects quickly, and encourage the market to maintain momentum with their own testing schedules.

“Both Velonetic and Lloyd's are committed to ensuring a secure cutover to Blueprint Two phase one digital services for all market participants and system vendors. In light of these setbacks, it is appropriate to postpone the cutover.

“We will only cut over to phase one digital services once it is safe to do so, with a robust cutover, rollback and contingency plan in place, and that we are satisfied a number of key activities have been completed or are near completion.

“Only then will we decide a new cutover date, informed by market feedback.”

Velonetic and Lloyd’s, with input from the market associations, are working through a revised plan and testing schedule, setting out the key activities that will contribute to a safe and successful cutover.

They said the new plan will be shared as it is developed.