London, May 26, 2022 / PRNewswire / – London Market Joint (XIS and XCS) business shareholders – DXC technology (Nyse: DXC), Lloyd’s and International Underwriting Association (IIA) have announced the contract extension of USD 465 million to ensure smooth continuity for London insurance market customer activities while DXC moves forward with the transformation of the IT Market system.
Following the previous agreement to build a digital platform that will support the transformation of the London market, the latest contract agreed by the parties has agreed to a series of services that will create a foundation to safely move around 400 London market insurance companies to the Digital Platform Cloud-Asli running on AWS. In addition, the agreement includes provisions for operational security in accordance with new industrial regulations.
As the largest insurance center in the world, the London insurance market represents 7.6% of the global commercial insurance market (RE), employs 47,000 people throughout the UK, and forms nearly a quarter of London’s GDP, with a premium value written more than the US $ 110 billion.
Supporting a market joint venture, and as the largest shareholder of a joint venture, DXC will work with Lloyd’s, IIA, and all market associations and participants to transition London market insurance companies to new digital platforms, bringing significant increases in speed and efficiency. This work is carried out to support the future at the Lloyd initiative and together with brokers, management agents, syndicates, and insurance companies from the London Insurance Marketplace. One of the biggest cloud migrations today in the world, the aim is to change the London insurance market from a series of analog processes that are mostly paper-based processes that focus on data, are automatic, and are cost-effective.
“In announcing this extension, Lloyd’s, DXC, and IUA showed our commitment to secure the London Market customer activities in the long and short term. With the future in the Lloyd transformation, we will switch to a platform that will provide it. Processing and Automatic Accounting For the market, it leads to a large reduction in operating costs and provides customer service that is much faster and better. “
“The new digital platform that we build will turn the London market into one of the most sophisticated 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 the London Insurance Market company that protects their transformation trip.”
“This extension indicates the purpose of a joint venture to accelerate the ability of the company’s market customer technology today. Using technology to adapt quickly to market conditions will give insurance companies confidence that they can modernize their business while reducing their risk exposure”.
About DXC technology
DXC Technology (NYSE: DXC) helps global companies run their mission systems and operations while modernizing, optimizing data architecture, and ensuring security and scalability in all public, private and hybrid clouds. The world’s largest company and public sector organization trust DXC to use services throughout the company’s technology piles to encourage performance, competitiveness, and new customer experience. Learn more about how we provide advantages for our customers and colleagues.
About Lloyd’s
Lloyd’s is the world’s leading market for commercial, company, and special risk solutions. Through collective intelligence and the expertise of underwriters and market brokers, we share risks to create a bolder world.
The Lloyd market offers resources, capabilities, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 regions.
We have more than 50 leading insurance companies, more than 200 registered Lloyd brokers, and global networks of more than 4,000 local cover holders. But, behind the Lloyd market is a company: independent organizations and regulators working to maintain successful market reputation and operations.
We are trying to build solutions to the latest and common threats. As Chair of the Insurance Task Force for HRH Prince Wales’s Sustainable Market Initiative, Lloyd’s united the industry to ensure the transition to clean zero. Our research community is to gather expertise from all industries to provide the latest insight into the systemic risk of climate change to cyberspace security.
And through our digital-led strategy, the future at Lloyd’s makes it easier and cheaper to be placed, price, and close the process at Lloyd’s market.
About IUA
The London International Underwriting Association (IUA) is a representative body for companies in London that provide international insurance and wholesale and reinsurance coverage. The mission statement is to secure the optimal trading environment for London insurance companies. The London IIA company’s market statistics show that the overall premium revenue for the company’s market in 2020 is £ 33,138 billion. The dirty premium written in London amounted to £ 27,976 billion, while £ 5,162 billion was further identified as written in other locations but was supervised by London operations.