$465 million deal provides continuity for insurance customers in the London market as part of an ambitious transformation program
London Market Joint Venture (XIS and XCS) shareholders – DXC Technology, Lloyd’s and the International Underwriting Association (IUA), announce the extension of a $465 million contract to ensure business continuity for customers in the London insurance market as DXC continues to transform the market’s IT systems.
It will be recalled that at the end of a previous agreement relating to the construction of the digital platform which will underpin the transformation of the London market, the parties agreed, in the last contract, on a set of services which will create the foundation for a safe transition of around 400 insurance companies in the London market to the cloud-native digital platform running on AWS. The agreement includes operational resilience provisions in line with new industry regulations.
As the largest insurance center in the world, the London insurance market accounts for 7.6% of the global commercial (re)insurance market, employs 47,000 people in the UK and accounts for almost a quarter of the City of London’s GDP, with a gross written premium of over $110 billion.
Supporting the market joint venture, and as the largest shareholder in it, DXC will work with Lloyd’s, the IUA and all market associations and participants to ensure the transition of insurance companies in the London market to the new digital platform, bringing significant improvements in speed and efficiency. This work is being carried out as part of the Future at Lloyd’s initiative and in collaboration with brokers, general agents, syndicates and insurers in the London insurance market. This is one of the biggest current migrations to cloud computing in the world. The aim is to transform the London insurance market, moving it from a set of analogue, primarily paper-based processes, to a data-driven, automated and cost-effective market.
For John Neal, CEO of Lloyd’s, “By announcing this extension, Lloyd’s, DXC and the IUA are demonstrating their commitment to digitally securing the business of customers in the London market, both long and short term. With the Future at Lloyd’s initiative, we will move to a single platform that will provide automated processing and accounting for the marketplace, resulting in a substantial reduction in operating costs and providing customers with much faster and better service. quality “. “The new digital platform we are building will transform the London market into one of the most technologically advanced insurance markets in the world,” said Mike Salvino, President and CEO of DXC Technology. This agreement will allow us to support the provision of the new digital processing services to companies in the London insurance market by safeguarding their transformation journey. Finally, IUA CEO Dave Matcham says: “This expansion signifies the joint venture’s intent to accelerate the current technology capabilities of enterprise market customers. Using technology to quickly adapt to market conditions will give insurance companies confidence that they can modernize their business while reducing their exposure to risk.”