- Agreement to support Lloyd’s strategic objective of building the ‘most technologically advanced insurance marketplace in the world’
- Cloud and automation technologies to radically improve the London market’s speed, security and efficiency(NYSE: DXC), Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, and the International Underwriting Association (IUA), have announced the signing of a multi-year agreement to transform the London market. The agreement has also received support from Lloyd’s Market Association (LMA).
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Lloyd's Underwriting Room, London (Credit: Lloyd's)
As the world’s largest insurance center, the London insurance market represents 7.6% of the global commercial (re)insurance market, employs 47,000 people across the UK, and makes up almost a quarter of the City of London’s GDP, with its gross written premium worth over US$110 billion.
This agreement is a key milestone in building the Future at Lloyd’s, which will see the insurance marketplace transformed from a largely paper-based, analogue set of processes to one that is data-focused, automated, and cost-efficient. DXC will rearchitect the market’s entire IT system and develop a cloud-native digital platform running on AWS to replace the legacy mainframes, while automating manual processes.
John Neal, CEO of Lloyd’s said: “With the respective commitments of DXC, Lloyd’s and the entire London market, we have the capabilities to transition to a single platform solution that will provide automated processing and accounting for the market, a substantial reduction in operating costs, and offer customers a much faster, better service.”
“This new digital platform will fundamentally change the operating model of the London market,” said Mike Salvino, President and CEO, DXC Technology. “We are proud that DXC has been entrusted with a transformation of such unprecedented scale and importance. It’s the definition of ‘mission critical’ and an opportunity for us to apply our deep industry and technology expertise.”
The transformation will increase resilience, security, and speed of new application deployment. It will also give the market the tools to derive more business value through data and analytics. Combined, these capabilities will improve the agility and performance of the London market, increasing its ability to quickly adapt to market conditions.
Dave Matcham, CEO of the IUA, said: “As an association, IUA and its members understand that digital transformation is imperative to their businesses and to remaining competitive in the London market. The new joint venture agreement reinforces the commitment of the company market, DXC and Lloyd’s to work together on such an important modernising agenda for central services.”
Sheila Cameron, CEO of the LMA, said: "This is a significant step on the journey to digitise the Lloyd’s and London market. We look forward to working with our Managing Agent members, DXC, Lloyd’s and the wider London market, as we build a faster and more cost-efficient, data driven future for the market and its customers.”
About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world’s largest companies and public sector organizations trust DXC to deploy services across the Enterprise Technology Stack to drive new levels of performance, competitiveness, and customer experience. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.
Lloyd’s is the world’s leading marketplace for commercial, corporate and specialty risk solutions. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.
The Lloyd’s market offers the resources, capability and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.
We’re made up of more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market's successful reputation and operation.
We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HRH The Prince of Wales’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security.
And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.