As the world’s largest insurance center, the London insurance market represents 7.6% of the global commercial (re)insurance market, employs 47,000 people across the UK, and makes up almost a quarter of the City of London’s GDP, with its gross written premium worth over US$110 billion.
This agreement is a key milestone in building the Future at Lloyd’s, which will see the insurance marketplace transformed from a largely paper-based, analogue set of processes to one that is data-focused, automated, and cost-efficient. DXC will rearchitect the market’s entire IT system and develop a cloud-native digital platform running on AWS to replace the legacy mainframes, while automating manual processes.
John Neal, CEO of Lloyd’s said: “With the respective commitments of DXC, Lloyd’s and the entire London market, we have the capabilities to transition to a single platform solution that will provide automated processing and accounting for the market, a substantial reduction in operating costs, and offer customers a much faster, better service.”
“This new digital platform will fundamentally change the operating model of the London market,” said Mike Salvino, President and CEO, DXC Technology. “We are proud that DXC has been entrusted with a transformation of such unprecedented scale and importance. It’s the definition of ‘mission critical’ and an opportunity for us to apply our deep industry and technology expertise.”
The transformation will increase resilience, security, and speed of new application deployment. It will also give the market the tools to derive more business value through data and analytics. Combined, these capabilities will improve the agility and performance of the London market, increasing its ability to quickly adapt to market conditions.
Dave Matcham, CEO of the IUA, said: “As an association, IUA and its members understand that digital transformation is imperative to their businesses and to remaining competitive in the London market. The new joint venture agreement reinforces the commitment of the company market, DXC and Lloyd’s to work together on such an important modernising agenda for central services.”
Sheila Cameron, CEO of the LMA, said: “This is a significant step on the journey to digitise the Lloyd’s and London market. We look forward to working with our Managing Agent members, DXC, Lloyd’s and the wider London market, as we build a faster and more cost-efficient, data driven future for the market and its customers.”
