DXC tapped for Lloyd's technology overhaul

DXC tapped for Lloyd’s technology overhaul

31 January 2022

Lloyd’s, DXC Technology and the International Underwriting Association (IUA) have announced the signing of a multi-year agreement to transform the Lloyd’s and London market digital capabilities.

The agreement, which is expected to drive changes that will cut processing costs, has also received support from the Lloyd’s Market Association.

DXC says it will rearchitect the IT system and develop a cloud-native digital platform running on Amazon Web Services (AWS) to replace the legacy mainframes, while automating manual processes.

“This new digital platform will fundamentally change the operating model of the whole London market,” CEO Mike Salvino said.

“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 is an opportunity for us to apply our deep industry and technology expertise.”

The technology agreement is key to achieving ambitions set out in the Blueprint Two document developed from the Future at Lloyd’s project, which has stressed the need for an overhaul delivering efficiency improvements.

The rebuild of the digital “engine room” that powers the market will include a core data record with common standards for policy, premium and claims.

“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,” Lloyd’s CEO John Neal said.

IUA CEO Dave Matcham says digital transformation is imperative to members’ businesses and to remaining competitive.

“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,” he said.