The $ 465 million deal provides continuity for insurance customers in the London market as part of an ambitious innovation program
LONDON, May 26, 2022 / PRNewswire/-Shareholders of London Market Joint Venture (XIS and XCS)-DXC Technology (NYSE: DXC), Lloyd’s and International Underwriting Association (IUA), have announced an extension of a $ 465 million dollar contract to ensure business continuity for customers in the London insurance market as DXC continues to innovate the market’s IT systems.
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Following a past deal in connection with the construction of a digital platform that will foster market change in London, the parties have agreed, in the final contract, to a range of services that will create the foundations for a safe transition of approximately 400 companies from the London market on cloud-native digital platforms running on AWS. The agreement includes operational resilience provisions in accordance with new industry regulations.
As the largest insurance center in the world, the London insurance market constitutes 7.6% of the global commercial reinsurance market, employs 47,000 people in the UK and provides nearly a quarter of the City of London’s GDP, with a total written premium of more than £ 110 billion dollars.
Supporting the joint venture in the market, and as its largest shareholder, DXC will work with Lloyd’s, IUA and all associations and market participants to ensure the transition of insurance companies in the London market to the new digital platform, bringing significant improvement in speed. and efficiency. This work is carried out within the framework of the initiative Tomorrow at Lloyd’s and working with brokers, general agents, syndicates and insurers in the London insurance market. This is one of the largest current moves to cloud computing in the world. The aim is to transform the London insurance market, moving it from an analogue range, mostly paper-based processes, to a data-driven, automated and cost-effective market.
John NealCEO of Lloyd’s, said: “By announcing this extension, Lloyd’s, DXC and the IUA demonstrate their commitment to digitally securing the business of customers in the London market, both long and short. Using 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 faster and more efficient 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,” he said. Mike Salvino, President and CEO of DXC Technology. “This agreement will allow us to support the provision of new digital processing services to businesses in the London insurance market by keeping their journey to change.»
Dave Matcham, CEO of IUA, said, “This expansion indicates the joint venture’s goal 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 risk exposure. “
About DXC Technology
DXC Technology (NYSE: DXC) helps global businesses manage their mission-critical systems and operations while modernizing IT, optimizing data architectures and ensuring public, private and hybrid security and scalability that cloud. The world’s largest businesses and public sector organizations trust DXC to deploy services across the enterprise’s 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, corporate and specialist risk solutions. With the combined intelligence and expertise of market underwriters and brokers, we share the risk to create a harder world.
Lloyd’s Market offers the resources, skills and insights needed to develop new and innovative products for customers in any industry, of any size, in over 200 territories.
We are comprised of over 50 leading insurance companies, over 200 registered Lloyd brokers and a global network of over 4,000 local policyholders. Behind Lloyd’s Market is the Corporation: an independent organization and regulator that strives to promote the reputation and smooth functioning of the market.
We strive to find solutions to the latest and most widespread threats. As Chairman of the SAR Insurance Working Group for Sustainable Markets Initiative prince of Wales, Lloyd brings the industry together to drive the transition to carbon neutrality. Our research community brings together expertise from across the industry to provide innovative insights into systematic risks, from climate change to cybersecurity.
And thanks to our digital approach, The Future of Lloyd’swe make it easier and cheaper to place, price and process cover in Lloyd’s market.
The International Underwriting Association of London (IUA) is the representative body of companies in London providing international and wholesale insurance and reinsurance cover. Its mission is to ensure an optimal business environment for insurance companies in London. The IUA’s London Corporate Market Statistical Report shows that total premium revenue for the corporate market in 2020 will be £ 33.138 billion. Total 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.
Contact: Jonathan Batty, DXC Technology, Jonathan.firstname.lastname@example.org; Annie Roberts, Lloyd’s, Annie.Roberts@lloyds.com; Scott Farley, IUA, Scott.Farley@iua.co.uk
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