UK’s speciality insurance marketplace Lloyd’s of London has unveiled the second phase of its transformation plan with a goal to reduce its operating costs by nearly £800m.

Known as Blueprint Two, the programme builds on the foundations laid by Blueprint One in September last year.

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The insurance marketplace said that it aims to redesign the entire insurance lifecycle process as part of its two-year programme.

It is aimed at offering enhanced digital service for all its customers and stakeholders globally.

Apart from reduction in operating costs, the plan seeks to attain approved and clear data standards that will support the next generation of placement platforms and solutions at Lloyd’s.

It also looks to establish marketplace gateway and super-fast processing capability, in addition to automated claims recognition, routing and orchestration capablities.

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Lloyd’s chairman Bruce Carnegie-Brown said: “The pandemic has demonstrated that Lloyd’s can adapt in a fast-changing environment and this has only increased our hunger to get on and make further change happen.

“As a market, we have the appetite and energy to execute on our plans for the future and in doing so, we have the makings of real, transformational change. Blueprint Two is our roadmap to get there and I’m confident that together we can make it happen.”

Future at Lloyd’s COO and executive sponsor Jen Rigby added: “The plans we set out in Blueprint Two will deliver truly revolutionary change for the market, ensuring the future of the Lloyd’s market is digital from start to finish, with data at its core.”

Earlier this week, Lloyd’s announced the plans to limit the operations of its underwriting room in response to second national lockdown announced by the UK government.