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Lloyd’s, DXC Technology, the IUA and LMA confirm joint venture to transform the digital capabilities of the world’s largest insurance marketplace

Wednesday 12 January 2022

Today, Lloyd’s confirms that a contract has been signed with DXC Technology and the International Underwriting Association (IUA) in an agreement that will build the solutions to digitalise, streamline and fully automate processing for the Lloyd’s and London market; a pivotal moment in fulfilling the ambition set out in Blueprint Two. The agreement has also received support from Lloyd’s Market Association (LMA).

This 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.

This will be the first time, in over 20 years that the technology infrastructure underpinning the London market will be completely transformed. The rebuild of the digital ‘engine room’ that powers the Lloyd’s and London market is predicated on three key changes:

  • A Core Data Record (CDR) with common data standards for policy, premium and claims, which translates digital processing
  • The automation of processes that support placement, policy creation, claims management and accounting, which will significantly reduce production lead times, drive efficiency and reduce cost, offering a better set of services to market stakeholders and our customers
  • An agreement that market processing costs in the new digital world will reduce significantly when compared to current services

John Neal, CEO of Lloyd’s said: “In the challenging hybrid working environment forced upon businesses by COVID-19, the early efforts of the Lloyd’s and London market to modernise activities have been strongly demonstrated by the ability to operate digitally and remotely almost seamlessly, ensuring customers’ insurance needs are met and their claims are paid. Now, 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.”

Mike Salvino, President and CEO, DXC Technology said: “This new digital platform will fundamentally change the operating model of the whole London market. 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 is an opportunity for us to apply our deep industry and technology expertise.”

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.”

1. Blueprint Two represents the delivery phase of Lloyd’s comprehensive Future at Lloyd’s strategy and sets out the digital-led change and execution plan which will transform the way in which Lloyd’s and the London Market operates. To read the full Blueprint Two report visit our Future at Lloyd’s webpages on our website at https://www.lloyds.com/about-lloyds/future-at-lloyds
2. The second edition of the Blueprint Two Interactive Guide, which will be published in the coming weeks, will include a roadmap detailing what will be delivered and when, and how Lloyd’s will support the market through the digital transition. This comprises of both the joint venture timelines, and delivery of the broader Blueprint Two solutions, including delegated authority, trading, and placement.
3. More news and information available from lloyds.com  

Enquiries to:

UK: 

+44 (0) 20 7327 5111 | pressoffice@lloyds.com
+44 (0) 20 7327 5391 | annie.roberts@lloyds.com
APAC:  
+65 6870 9227 | suganthy.selva@lloyds.com    
Americas: 
+44 (0) 20 7327 5111 | nathan.skinner@lloyds.com  
EMEA: 
+44 (0) 20 7327 5721 | elliot.maule@lloyds.com 
DXC Technology
+44 7775548799 | jonathan.batty@dxc.com

About Lloyd’s
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. 

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.