Lloyd’s, DXC Technology (NYSE: DXC), the Boards of the Lloyd’s Market Association (LMA), and the IUA (International Underwriting Association) have signed new Heads of Terms which will support the ambition set out in the Future at Lloyd’s Blueprint Two to build the world’s most advanced digital and technology led insurance market place.
The parties confirmed that this new arrangement followed many months of discussion, product development and early solution workshops that will provide accuracy, speed and processing power to the London insurance markets. The new technology and digital processing capabilities will support the ambition to allow a customer to get cover more quickly and support faster claims payments.
This unique agreement, that brings together both the Lloyd’s and insurance company markets in London in a new joint venture agreement with DXC Technology, will deliver both world class technology as well as significantly reducing the processing costs for the market.
‘The continuation of our work contributes to the far-reaching transformation of the London insurance market, advancing the market’s ability to service complex risks,’ said Mike Salvino, president and CEO, DXC Technology. ‘Our collaboration with Lloyd’s is characteristic of the ‘new DXC’, and our focus on delivering excellence to our customers and our customers’ customers. Drawing upon our capabilities across the Enterprise Technology Stack, we will continue to deliver the right technology to support the London insurance market’s progress towards a growth-driven, digital economy.’
John Neal, CEO of Lloyd’s said:
‘This new agreement demonstrates a clear commitment to achieving our ambition to build the most advanced insurance marketplace in the world under Blueprint Two. DXC has laid strong foundations which will enable us to deliver the infrastructure required to support the digital marketplace of the future and ensure that we get it right first time and at a process speed not previously seen in the market. I am delighted by the progress made so far and look forward to working together with the IUA and LMA to create the digital services that the London market can depend on for years ahead.’
Sheila Cameron, CEO of the LMA, said:
‘Our shared goal is a digital marketplace enabled by a digital back office as its engine room. Managing Agents look forward to working in partnership with Lloyd’s, DXC and wider London Market to deliver our shared vision over the coming years.’
Dave Matcham, CEO of the IUA, said:
‘The Joint Venture has long provided critical resources and support to the London Market and we are excited to reinforce this commitment to work together. This will enable a vital digital transformation of central processing services.’