$465 million deal provides continuity for insurance customers in the London market as part of an ambitious transformation program
LONDON, May 26, 2022 /PRNewswire/ — Shareholders of the London Market Joint Venture (XIS and XCS) – DXC Technology (NYSE: DXC), Lloyd’s and the International Underwriting Association (IUA), have announced 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.
Following a previous deal relating to the construction of the digital platform that will underpin the transformation of the London market, the parties have agreed, in the last contract, on a set of services that will create the foundations for a safe transition of around 400 companies from 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 nearly a quarter of the City of London’s GDP, with a gross written premium of over £110 billion dollars.
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 carried out within the framework of the initiative Future at Lloyd’s and working 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.
John Neal, CEO of Lloyd’s, said: “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 enable us to support the provision of the new digital processing services to businesses in the London insurance market by safeguarding their transformation journey. »
Dave Matcham, CEO of IUA, said, “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.”
About DXC Technology
DXC Technology (NYSE: DXC) helps global enterprises manage their mission-critical systems and operations while modernizing IT, optimizing data architectures and ensuring the security and scalability of public, private and hybrid clouds. The world’s largest enterprises and public sector organizations trust DXC to deploy services across the entire enterprise technology stack to achieve new levels of performance, competitiveness and customer experience. To learn more about how we deliver excellence for our customers and colleagues, visit DXC.com.
Lloyd’s is the world’s leading marketplace for commercial, enterprise and specialist risk solutions. Through the collective intelligence and expertise of market underwriters and brokers, we share risk to create a braver world.
Lloyd’s Marketplace offers the resources, capabilities and insight needed to develop new and innovative products for customers in any industry, at any scale, in over 200 territories.
We are made up of over 50 leading insurance companies, over 200 Lloyd’s registered brokers and a global network of over 4,000 local policyholders. Behind the Lloyd’s Market is the Corporation: an independent organization and regulator that strives to uphold the reputation and proper functioning of the market.
We strive to find solutions to the most current and widespread threats. As Chair of the Insurance Working Group for SAR’s Sustainable Markets Initiative the Prince of Wales, Lloyd’s brings industry together to drive the transition to carbon neutrality. Our research community pools expertise from across the industry to provide cutting-edge insights into systemic risks, from climate change to cybersecurity.
And thanks to our digital strategy, The Future at Lloyd’swe are making it easier and cheaper to place, price and process cover in the Lloyd’s market.
About the IUA
The International Underwriting Association of London (IUA) is the representative body of London companies which provide international and wholesale insurance and reinsurance cover. Its mission is to ensure an optimal business environment for London’s insurance companies. The IUA’s London Corporate Market Statistical Report shows that overall premium income for the corporate market in 2020 was £33.138 billion. Gross premiums written in London amounted to £27.976 billion, while £5.162 billion was written in other locations, but under the supervision of London operations.
Photo – https://mma.prnewswire.com/media/1826840/DXC_Technology_Company_DXC_Technology__Lloyd_s_and_IUA_Extend_Co.jpg
Logo – https://mma.prnewswire.com/media/1826320/DXC_Technology_Company_DXC_Technology__Lloyd_s_and_IUA_Extend_Co.jpg