InsurTalk: Inside Blueprint Two: Vendor Perspectives on Market Evolution with Sharon Stanley MD at GPM

Blueprint Two means a significant transformation for brokers and coverholders in the London insurance market. This initiative will streamline processes, enhance efficiency, and foster innovation through digitalisation. Brokers will adopt new technologies for smoother interactions with carriers, while coverholders will embrace standardised data requirements and digital platforms for seamless integration and regulatory compliance.

In this episode, together with our guest, Sharon Stanley, Managing Director at GPM Development, we explore the evolving landscape of technology providers in the London insurance market in light of the introduction of Blueprint Two. From insights into GPM’s journey over the past 35 years to the transformative impact of data standards on market operations, Sharon provides perspectives on staying relevant in a rapidly changing industry landscape. With discussions ranging from the importance of continuous improvement to the practical implications of integrating new technologies, this interview offers an exploration of the challenges and opportunities facing insurers and technology providers alike.

Paweł Pustelnik: Welcome to IT Insights InsurTalk by Future Processing. My name is Paweł Pustelnik, and in this episode, I have the privilege to speak with Sharon Stanley, Managing Director at GPM Development. Sharon has been in the technology space of specialty markets for some time, and today we will discuss playing the “long game” as a technology provider at Lloyd’s, as well as the introduction of Blueprint 2. First, how are your marathon preparations going?

Sharon Stanley: Good, thank you. I recently did my longest run of 33 kilometres and I’m tapering down now. We are raising money for GPM’s charity, Abigail’s Footsteps, which provides baby loss and bereavement counselling. Beyond the London marathon, we have a triathlon in June and the Three Peaks challenge in September.

Paweł Pustelnik: You entered the specialty markets 20 years ago. Was it always this intense?

Sharon Stanley: I only started running 10 years ago to get healthy. 20 years ago, I was more focused on socialising, which is a big part of the London Insurance Market community. It’s a very sociable and fun environment.

Paweł Pustelnik: What is the story behind GPM Development?

Sharon Stanley: GPM is 35 years old. I joined 20 years ago after working in travel insurance underwriting. I had built a small Access database to capture claims data because we didn’t have good information sharing, and that sparked my interest in how data enables underwriting. While working at GPM, I did a degree in Computer Science in the evenings; my final thesis 16 years ago was actually on change in the London Insurance market. I loved the market because all the clients were within walking distance.

Paweł Pustelnik: What was the “product-to-market fit” like back then?

Sharon Stanley: Honestly, most things have stayed the same. 20 years ago, there was a heavy dependence on Word, Excel, and physical paper. We used to drive contracts to Folkestone daily; now we scan those documents, and we are finally moving towards data exchange. To stay relevant as a provider, we focus on continuous improvement. 20 years ago, software was built specifically for individual clients; now, we are smoothing that out into a single platform for all lines of business that uses “smart” technology to show only the necessary fields. Recently, we have been very successful with Aviation, which provided the building blocks for a generic London Market platform.

Paweł Pustelnik: We are now at the verge of Blueprint 2. What are you hearing on the trading floor from brokers and cover holders?

Sharon Stanley: There is a lot of emotion, but being in the Lloyd’s building allows us to give and receive feedback easily. We held a GPM User Group with Velonetic in January, which gave customers comfort because they could talk to each other and see that we are ready. The connection to portals will be done through ASG.

Paweł Pustelnik: How is the anxiety level among brokers?

Sharon Stanley: After the January session, they felt relieved and listened to. Smaller brokers might find it more straightforward because they are less integrated; they can use our system via ASG to upload contracts and documentation. The bigger brokers have more complex, “all the way through” integrations. Smaller entities don’t need to worry as much because mitigation steps are built into the vendor landscape. They just need to ensure their administrators and users are set up with Velonetic.

Paweł Pustelnik: What about cover holders and the binder process?

Sharon Stanley: They will still process contracts and upload bordereaux in the same way, either through their vendor or directly onto the portals.

Paweł Pustelnik: What specific role does GPM play in this integration?

Sharon Stanley: For Phase 1, it is straightforward: users produce documentation in IBS and submit it via our hub (ASG) to the “New World”. We are currently working toward Phase 2, which involves capturing the Core Data Record (CDR). This will be more data-centric, capturing contract data in a structured way for Velonetic.

Paweł Pustelnik: Tell us more about your upcoming platform.

Sharon Stanley: We’ve been working with Future Processing on the “In Focus” platform. It is a cloud-native, secure, and data-centric platform designed to capture all Market Reform Contract fields regardless of line of business. We want it to be so intuitive that users don’t need heavy training. We even did user experience sessions to watch how people process business to ensure the UI is effective.

Paweł Pustelnik: What steps should a small broker take to implement a platform like “In Focus”?

Sharon Stanley: They need to look at their internal processes and team structure. The goal is to remove external Excel spreadsheets and incorporate everything into a central process. By capturing structured data, brokers gain the ability to use dashboards and reporting (Insight) to interrogate their data in ways they couldn’t before.

Paweł Pustelnik: What is the realistic timeline for this change?

Sharon Stanley: This change program has been going for over 20 years, but it has the most momentum I’ve ever seen right now. Regardless of the exact timeline, it is the correct direction for the market.

Paweł Pustelnik: Do you have a final message for smaller brokers and cover holders?

Sharon Stanley: Stay engaged. Get your administrators set up with Velonetic and familiarise yourself with the portals. If you are integrated, you can continue much as you do today, but the call to action is to systemise your processes. Move toward structured data for the long term.

Paweł Pustelnik: Thank you, Sharon. Good luck.

Sharon Stanley: Thanks very much, I’ve really enjoyed it.