Lloyd’s and London Market Insurance Companies Harness DXC Technology to Transform World’s Largest Insurance Market | Business and finance

LONDON – (BUSINESS WIRE) – January 12, 2022–

DXC technology (NYSE: DXC), Lloyd’s, the global leader in commercial, enterprise and specialty risk management solutions, and the International Underwriting Association (IUA), announced the signing of a multi-year agreement to transform the London market . The deal has also received backing from the Lloyd’s Market Association (LMA).

Lloyd’s underwriting room, London (Credit: Lloyd’s)

As the world’s largest insurance center, the Insurance market in London represents 7.6% of the global commercial (re) insurance market, employs 47,000 people in the UK and accounts for almost a quarter of the City of London’s GDP, with a gross written premium worth more of US $ 110 billion.

This agreement is a key step in building the The future at Lloyd’s, which will see the insurance market shift from a largely paper-based analog set of processes to one that is data-driven, automated and cost-effective. DXC will overhaul the entire market IT system and develop a cloud-native digital platform running on AWS to replace legacy mainframes, while automating manual processes.

John Neal, CEO of Lloyd’s, said: “With respective commitments from DXC, Lloyd’s and the wider London market, we have the capabilities to move to a single platform solution that will provide processing and accounting automated for the market, a substantial reduction in operating costs and provide customers with much faster and better service.

“This new digital platform will fundamentally change the operating model of the London market,” said Mike Salvino, President and CEO of DXC Technology. “We are proud that DXC has been entrusted with a transformation of unprecedented scale and significance. This is the definition of “mission critical” and an opportunity for us to apply our deep industry and technology expertise. “

The transformation will increase the resilience, security and speed of deployment of new applications. It will also give the market the tools to drive 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 IUA, said: “As an association, IUA and its members understand that digital transformation is imperative for their businesses and to remain competitive in the London market. The new joint venture agreement reinforces the company’s market commitment, DXC and Lloyd’s to work together on such an important modernization program for central services.

Sheila Cameron, CEO of LMA, said: “This is an important step on the way to the digitalization of 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, more profitable, data-driven future for the market and its customers.

DXC (NYSE: DXC) technology helps global businesses run their 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 to our clients and colleagues at DXC.com.

Lloyd’s is the global leader in commercial, enterprise and specialty risk management solutions. Thanks to the collective intelligence and the expertise of market underwriters and brokers, we share the risks to create a more courageous world.

The Lloyd’s market offers the resources, capabilities and knowledge to develop new and innovative products for customers in any industry, at any scale, in over 200 territories.

We are made up of over 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 organization and regulatory body working to maintain the reputation and good functioning of the market.

We work to create solutions for the most common and pervasive threats. As chair of the Insurance Working Group for HRH The Prince of Wales’ Sustainable Markets Initiative, Lloyd’s brings the industry together to ensure the transition to net zero. Our research community pools expertise from across the industry to provide cutting-edge information on systemic risks from climate change to cybersecurity.

And thanks to our digital strategy, The future at Lloyd’s, we make it easier and cheaper to place, price and process hedges in the Lloyd’s market.

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: TECHNOLOGY INSURANCE FINANCE SECURITY ACCOUNTING PROFESSIONAL SERVICES SOFTWARE NETWORKS DATA MANAGEMENT

Copyright Business Wire 2022.

PUB: 12/01/2022 09:30 / DISC: 12/01/2022 09:32

Copyright Business Wire 2022.

Kristan F. Talley