$465M agreement ensures
continuity for London market
insurance customers during ambitious transformation program
LONDON, May 26, 2022 /PRNewswire/ -- The Shareholders of
the London Market Joint Venture (XIS and XCS) - DXC Technology
(NYSE: DXC), Lloyd's and the International Underwriting Association
(IUA), have announced a $465 million
USD contract extension to ensure seamless continuity for the
activities of London insurance
market customers whilst DXC moves forward with the transformation
of the market's IT systems.
Following a previous agreement to build the digital platform
that will underpin the London
market's transformation, in the latest contract the parties
have agreed on a set of services that will create the foundation to
safely transition approximately 400 London market insurance
companies over to the cloud-native digital platform running on AWS.
The agreement includes provisions for operational resilience
in line with new industry regulations.
As the world's largest insurance centre, 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.
Supporting the Market's Joint Venture, and as the Joint
Venture's largest shareholder, DXC will work with Lloyd's, the IUA,
and all market associations and participants to transition
London market insurance companies
to the new digital platform, bringing significant improvements in
speed and efficiency. The work is being done in support of the
Future at Lloyd's initiative and in conjunction with brokers,
managing agents, syndicates, and insurers of the London insurance marketplace. One of the
biggest current cloud migrations in the world, the goal is to
transform the London insurance
market from a largely paper-based, analogue set of processes to one
that is data-focused, automated, and cost-efficient.
John Neal, CEO of Lloyd's said:
"In announcing this extension, Lloyd's, DXC and the IUA are
demonstrating our commitment to digitally securing the activities
of London market customers in both
the long and short term. With the Future at Lloyd's transformation,
we will transition to a single platform that will provide automated
processing and accounting for the market, leading to a substantial
reduction in operating costs, and providing customers with a much
faster, better service."
"The new digital platform that 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
delivery of the new digital processing services to London insurance market companies safeguarding
their transformation journey."
Dave Matcham, CEO of the IUA,
said: "This extension signifies the intent of the Joint Venture to
accelerate the current technological capabilities of company market
customers. Using technology to adapt quickly to market conditions
will give insurance companies confidence that they can modernize
their businesses while reducing their exposure to risk".
About DXC Technology
DXC Technology (NYSE: DXC) helps
global companies run their mission critical systems and operations
while modernising IT, optimising data architectures, and ensuring
security and scalability across public, private and hybrid clouds.
The world's largest companies and public sector organisations 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.
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 IUA
The International Underwriting Association
of London (IUA) is the
representative body for companies in London providing international and wholesale
insurance and reinsurance coverage. Its mission statement is to
secure an optimal trading environment for London insurance companies. The IUA's London
Company Market Statistics Report shows that overall premium income
for the company market in 2020 was £33.138bn. Gross premium written
in London totalled £27.976bn,
whilst a further £5.162bn was identified as written in other
locations but overseen by London
operations.
Jonathan Batty, DXC Technology,
Jonathan.batty@dxc.com; Annie Roberts, Lloyd's,
Annie.Roberts@lloyds.com; Scott
Farley, IUA, Scott.Farley@iua.co.uk
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