The $ 465 million deal ensures continuity for London’s insurance market customers as part of an ambitious transformation program
Shareholders of the London Market Co-Company (XIS and XCS) – DXC Technology, Lloyd’s and the International Underwriting Association (IUA), are announcing the extension of a $ 465 million contract to ensure business continuity. clients of the London insurance market during DXC to complete the transformation of the market’s IT systems.
It is recalled that following a previous agreement on the construction of the digital platform that will underpin the transformation of the London market, the parties agreed in the last contract for a set of services that will create lays the foundation for a seamless transition to 400 London-based marketplace insurance companies into AWS-enabled native digital cloud platforms. The agreement includes provisions on operational resilience, in line with new regulations in the sector.
As the world’s largest insurance hub, the London insurance market accounts for 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 of more than $ 110 billion.
Supporting the joint venture of the market, and as its main shareholder, DXC works with Lloyd’s, the IUA and all associations and market participants to ensure the transition of insurance companies from the London market to the new digital platform, making significant improvements in speed and efficiency. This is done within the framework of the Future at Lloyd’s initiative and in collaboration with brokers, general agents, trade unions and insurers in the London insurance market. It is approaching the largest current migration to cloud computing in the world. The aim is to transform London’s insurance market from a set of analog, paper-based processes to a data-driven, automated and economical market.
For John Neal, CEO of Lloyd’s, “In announcing this extension, Lloyd’s, DXC and the IUA are demonstrating their commitment to digitally securing the business of London’s customers, both long and short term.” With the Future at Lloyd’s initiative, we are moving to a single platform that provides automated market treatment and accounting, leading to a substantial reduction in operating costs and providing customers with much faster and better service. quality ». Mike Salvino, President and CEO of DXC Technology, also added: agreement allows us to support furniture of new digital processing services to companies in the London insurance market by safeguarding their transformation path. Finally, Dave Matcham, CEO of the IUA, states: «This extension means the co-enterprise’s intention to accelerate customers’ current technological capabilities in the enterprise market. The use of technology to adapt quickly to market conditions will give insurance companies the certainty that they can modernize their business while reducing their risk exposure. ”