(Great Court in the British Museum, Bloomsbury, London. Photo credit: David Iliff.)
DXC Technology (Tysons, Va.) has announced that it has entered into a new five-year agreement with London insurance market customers facilitated through their associations, the Lloyd’s Market Association (LMA) and the International Underwriting Association of London (IUA), to accelerate the implementation of a comprehensive turnkey service for back-office processing of insurance premiums and claims and related activities.
“This agreement represents a new baseline for the delivery of vital technology and business processing services to the market over the next five years,” comments David Gittings, CEO, Lloyd’s Market Association. “It is an important enhancement from the previous contract, presenting necessary changes in the operating model, technology delivery, governance and transparency.”
DXC’s reports that its relationship with the London insurance market dates back to the first agreements formed in 2001. At that time, Xchanging, acquired by DXC in May 2016, was contracted to provide the central utility business process and associated IT platform services through joint-venture partnerships formed with the IUA and the Corporation of Lloyd’s. These partnerships remain the basis for delivery of services under the new agreement, according to DXC.
The vendor notes that the market itself is undergoing significant change and aspires to greater automation, better information, improved accuracy in risk pricing, and attention to administration and distribution costs, all enabled by a number of modernization initiatives, including the London Market Target Operating Model (TOM). “This new agreement secures the medium-term operational performance, permitting greater focus and emphasis on the market’s appetite for modernization,” a DXC statement says.
Improved Digital Capabilities Provide Greater Accessibility to London Market Services
The new agreement provides for greater longevity and security to deliver better investment potential with a resultant cost reduction over the next five years, according to DXC. The operational output will remain unchanged, and DXC will undertake a transition and transformation project to modernize service delivery by leveraging the broader corporate capabilities of DXC, the vendor adds.
In addition to providing IT, applications and business process operations solutions, the service will employ what DXC calls its comprehensive insurance software portfolio, leadership in insurance business processes services, and significant capabilities in cloud, security, mobility, analytics and internet of things, and applications management.
The vendor sees opportunities for further enhancements and developments over the term of the agreement to apply emerging standardization and process improvements.
“We believe this agreement represents a significant benefit to our members, giving the company market a cost-effective, efficient and modern service while bringing into the fold a truly global service provider for the longer-term evolution and digital transformation,” comments Dave Matcham, chief executive, IUA.
“DXC is delighted in this continuing demonstration of trust and commitment from the London insurance market through this new agreement with DXC,” comments Nick Wilson, Senior VP and general manager of DXC’s UK and Ireland region. “We look forward to bringing the full potential of DXC to enhance and optimize current services, and to being part of the market’s digital transformation journey.”