DXC Technology has partnered with Lloyd’s Market Association (LMA) and International Underwriting Association of London (IUA) to speed up the implementation of a service for back-office processing of insurance premiums and claims and associated activities.

This agreement is expected to save the Lloyd’s and London market £100m over the next five years. It builds on the first agreements formed in 2001 with Xchanging, now DXC Technology.

DXC’s partnership with the London insurance market dates back to the first deals formed in 2001.

At that time, Xchanging, now a DXC company, was secured a contract to offer the central utility business process and related IT platform services via joint-venture partnerships formed with the IUA and the Corporation of Lloyd’s.

The partnerships remain the basis for delivery of services under the new agreement.

Lloyd’s Market Association CEO David Gittings said: “This agreement represents a new baseline for the delivery of vital technology and business processing services to the market over the next five years. It is an important enhancement from the previous contract, presenting necessary changes in the operating model, technology delivery, governance and transparency.”

According to DXC, the present insurance market is undergoing several changes with scope for greater automation, better information, improved accuracy in risk pricing and reducing administration and distribution costs. All of these are enabled by number of modernization initiatives such as the London Market Target Operating Model (TOM).

The new agreement is expected to improve medium-term operational performance, while putting greater emphasis on the market’s appetite for modernization.

It is claimed to offer greater longevity and security in providing better investment potential with a scope for reduced cost over the next five years. Operational output is expected to not to change and DXC will help to transition and modernize service delivery by using broader corporate capabilities.

Apart from providing IT, applications and business process operations solutions, the service will use DXC’s experience in insurance software portfolio, insurance business process services and its capabilities in cloud, security, mobility, analytics and internet of things.

DXC UK and Ireland region senior vice president and general manager Nick Wilson said: “DXC is delighted in this continuing demonstration of trust and commitment from the London insurance market through this new agreement with DXC.

“We look forward to bringing the full potential of DXC to enhance and optimize current services, and to being part of the market’s digital transformation journey.” 


Image: DXC to modernize LMA and IUA’s business processes. Photo: Courtesy of Chaiwat/FreeDigitalPhotos.net.