Lloyd's extends transformative technology deal

Lloyd’s extends transformative technology deal

30 May 2022

Lloyd’s and the International Underwriting Association (IUA) have announced an extension to a multi-year agreement with American technology service provider DXC Technology (DXC) worth $US465 million ($AUD649.81 million) to modernise the London insurance market.

Lloyd’s announced the agreement as part of their ongoing “Future at Lloyd’s” project that focuses on digitalising its paper-based operations onto an online cloud platform.

DXC will redesign the IT systems of the market to replace legacy mainframes and automate processes to allow for a cost-effective and faster service.

“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,” CEO of Lloyd’s John Neal said.

“This new digital platform will fundamentally change the operating model of the London market,” President and CEO of DXC 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 an opportunity for us to apply our deep industry and technology expertise,” Mr Salvino said.

CEO of IUA Dave Matcham endorsed the deal and says that today’s market requires modernisation.

“As an association, IUA and its members understand that digital transformation is imperative to their businesses and to remaining competitive in the London market,” Mr Matcham said.

The deal was also endorsed by Lloyd’s Market Association, with CEO Sheila Cameron describing the deal as a “significant step” in the digitalisation of Lloyd’s and the London market.