Lloyd’s, London Market Insurance Companies and DXC Technology partner to transform the technology and digital processing that powers the world’s largest insurance marketplace
Lloyd’s, DXC Technology (NYSE: DXC), the Boards of the Lloyd’s Market Association (LMA), and the IUA (International Underwriting Association) have signed new Heads of Terms which will support the ambition set out in the Future at Lloyd’s Blueprint Two to build the world’s most advanced digital and technology led insurance market place.
The parties confirmed that this new arrangement followed many months of discussion, product development and early solution workshops that will provide accuracy, speed and processing power to the London insurance markets. The new technology and digital processing capabilities will support the ambition to allow a customer to get cover more quickly and support faster claims payments.
This unique agreement, that brings together both the Lloyd’s and insurance company markets in London in a new joint venture agreement with DXC Technology, will deliver both world class technology as well as significantly reducing the processing costs for the market.
‘The continuation of our work contributes to the far-reaching transformation of the London insurance market, advancing the market’s ability to service complex risks,’ said Mike Salvino, president and CEO, DXC Technology. ‘Our collaboration with Lloyd’s is characteristic of the ‘new DXC’, and our focus on delivering excellence to our customers and our customers’ customers. Drawing upon our capabilities across the Enterprise Technology Stack, we will continue to deliver the right technology to support the London insurance market’s progress towards a growth-driven, digital economy.’
John Neal, CEO of Lloyd’s said:
‘This new agreement demonstrates a clear commitment to achieving our ambition to build the most advanced insurance marketplace in the world under Blueprint Two. DXC has laid strong foundations which will enable us to deliver the infrastructure required to support the digital marketplace of the future and ensure that we get it right first time and at a process speed not previously seen in the market. I am delighted by the progress made so far and look forward to working together with the IUA and LMA to create the digital services that the London market can depend on for years ahead.’
Sheila Cameron, CEO of the LMA, said:
‘Our shared goal is a digital marketplace enabled by a digital back office as its engine room. Managing Agents look forward to working in partnership with Lloyd’s, DXC and wider London Market to deliver our shared vision over the coming years.’
Dave Matcham, CEO of the IUA, said:
‘The Joint Venture has long provided critical resources and support to the London Market and we are excited to reinforce this commitment to work together. This will enable a vital digital transformation of central processing services.’
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Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.
It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.
And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
Lloyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.
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. With decades of driving innovation, the world’s largest companies trust DXC to deploy the Enterprise Technology Stack to deliver new levels of performance, competitiveness and customer experiences. Learn more about the DXC story and our focus on people, customers and operational execution at www.dxc.technology.
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