Xchanging, a business process and technology service provider, has signed an extension contract to continue offering the Insurers' Market Repository (IMR) to London market.

Awarded following robust negotiations, including a competitive benchmark exercise, the £65.5m contract is expected to provide the IMR customers with certainty for fixed transaction costs for the coming five years.

Serving as vital part of London market’s infrastructure, the IMR delivers support for the electronic processing of premiums, policies and claims through Accounting and Settlement, eAccounts and Electronic Claim File services.

Xchanging Electronic Services director Geoff Kennard said, ”The IMR is a central piece of processing infrastructure which underpins the successful transition of the market’s premium accounting and claims processes from being largely paper based to being 98% electronic.”

IMR was jointly developed by Xchanging and the Market in 2008, as part of the Modernisation Programme, which was pioneered by the London Market Group.

Xchanging currently serves 130 customers including AXA CS, Allianz, Lockton, Marsh UK, and Tokio Millenium Re (UK), across 40 countries.