2022-05-26 | NYSE: DXC | Press release
$465 million the agreement ensures continuity for London insurance customer market during an ambitious transformation program
LONDON, May 26, 2022 /PRNewswire/ – London Market Joint Venture (XIS and XCS) shareholders – DXC Technology (NYSE: DXC), Lloyd’s and the International Underwriting Association (IUA), have announced a US$465 million contract extension to ensure seamless business continuity London insurance market customers while DXC continues the transformation of market information systems.
Following a previous OK build the digital platform that will underpin London market transformation, in the latest contract the parties have agreed on a set of services that will create the foundation for a safe transition of around 400 insurance companies in the London market to the cloud-native digital platform operating on AWS. The agreement includes provisions for operational resilience in accordance with new industry regulations.
As the largest insurance center in the world, 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 of the city of london GDP, with its gross written premium greater than 110 billion US dollars.
Supporting the market joint venture and as the largest shareholder of the joint venture, DXC will work with Lloyd’s, the IUA and all associations and market participants for the transition London market insurance companies on the new digital platform, bringing significant improvements in speed and efficiency. The work is carried out in support of the The future at Lloyd’s initiative and in collaboration with brokers, managing agents, syndicates and insurers of the London insurance market. One of the biggest cloud migrations in the world today, the goal is to transform the London insurance market from a largely paper-based set of analog processes to a data-driven, automated and cost-effective set.
John NealLloyd’s CEO said: “By announcing this extension, Lloyd’s, DXC and the IUA are demonstrating our commitment to digitally securing the business of London long-term and short-term market customers. With the transformation of Future at Lloyd’s, we will move to a single platform that will provide automated processing and accounting for the market, resulting in a substantial reduction in operating costs and providing clients with much faster and better service. . »
“The new digital platform we are building will transform the London market in one of the most technologically advanced insurance markets in the world,” said Mike Salvino, President and CEO of DXC Technology. “This agreement will allow us to support the delivery of new digital processing services to London companies in the insurance market while preserving their transformation journey.”
David MatchamCEO of IUA, said, “This expansion signifies the joint venture’s intent to accelerate the current technology capabilities of enterprise market customers. Using technology to quickly adapt to market conditions will give insurance companies the confidence that they can modernize their business while reducing their exposure to risk.
About DXC Technology
DXC Technology (NYSE: DXC) helps global enterprises manage 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 enterprises and public sector organizations trust DXC to deploy services across the enterprise technology stack to achieve new levels of performance, competitiveness and customer experience. Find out how we deliver excellence to our customers and colleagues at DXC.com.
Lloyd’s is the global leader in commercial, enterprise and specialist risk management solutions. Through the collective intelligence and expertise of market underwriters and brokers, we share risk to create a braver world.
Lloyd’s Marketplace offers the resources, capabilities and knowledge to develop new and innovative products for customers in all industries, at all scales, 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 Lloyd’s Market is the Society: an independent organization and regulator working to maintain the market’s reputation and successful operation.
We work to create solutions for the most common and widespread threats. As Chair of the Insurance Task Force for HRH The Prince of Wales’ Sustainable Markets Initiative, Lloyd’s is bringing the industry together to drive the transition to net zero. Our research community pools expertise from across the industry to provide cutting-edge insights into systemic risks ranging from climate change to cybersecurity.
And thanks to our digital-first strategy, The future at Lloyd’swe make it easier and lower the cost of placing, pricing and processing cover in the Lloyd’s market.
The International Underwriting Association London (IUA) is the representative body of companies London providing international and wholesale insurance and reinsurance coverage. Its mission is to ensure an optimal business environment for London insurance companies. The IUA’s London Business Market Statistics report shows that overall premium income for the business market in 2020 was £33.138 billion. Gross written premium in London totaled £27.976 billion, while a further £5.162 billion was identified as written in other places but overseen by London operations.
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