What's the Exit Plan?
In partnership with the LMA, IUA and Lloyd’s, Velonetic has prepared an Exit Plan, which serves as the contractual framework for transitioning from the existing services (Central Processing and Insurers' Market Repository (IMR) and Claims Processing) under the heritage contracts, to the Digital Processing Services (DPS).
The Exit Plan has been distributed to Lloyd’s managing agent and company market re/insurer customers for signature.
What's included?
The Exit Plan:
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Describes the exit scenario which has been established to navigate the safe, controlled and evidence-based transition to DPS
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Details the workstreams that will deliver the exit; together with a list of documents and formal artefacts that they will produce that evidence completion of the activity
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Please note: workstream execution is subject to the market governance and oversight provisions of the heritage contracts
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Sets out the agreed Conditions of Service Readiness (Velonetic's Technical and Operational Readiness and Lloyd's Readiness) (and their associated artefacts) upon which Velonetic can declare itself ready to commence the DPS and terminate the existing services
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Sets out the agreed Conditions of Market Readiness which need to be met by Velonetic customers and the actions these customers need to undertake to evidence and declare their own readiness
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Complies with Velonetic’s exit obligations under the heritage services contracts
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Includes the pro-forma Termination Letter that consents to the termination of certain existing contracts, which will be issued to the market participants for signature, once all the Conditions of Service and Market Readiness are met
Execution
Signature of the Exit Plan by Velonetic customers is crucial to allow Velonetic to progress towards DPS go live. It provides important permissions for the use of customer data on the new DPS platform. The Exit Plan, under the Service Introduction workstream, also introduces projects such as Robotics APA implementation and putting the Parties database into production, which, under the oversight of existing heritage services governance, will also de-risk the DPS cutover by establishing, proving and evidencing the DPS platform’s secure and effective operation.
On 1 April 2025, Velonetic issued the Exit Plan for signature. All Lloyd’s market and company market customers who signed the Heritage Contracts are required to sign the Exit Plan. Those who signed the IMR User Agreements don't require an Exit Plan but will benefit knowing the rigour and control it defines.
Velonetic is seeking to obtain all customer signatures by the end of June 2025.
You can review the Exit Plan in the virtual data room, and for any queries, please reach out to [email protected].
Get adoption ready
Blueprint Two will be delivered in two phases. At phase one cutover, all firms must adopt the new digital services.