DXC Technology (NYSE: DXC), the world’s leading independent, end-to-end IT services company, today announced that it has entered into a new five-year agreement with the London insurance market customers facilitated through their associations, the Lloyd’s Market Association (LMA) and the International Underwriting Association of London (IUA).
The deal will accelerate the implementation of a comprehensive turnkey service for back-office processing of insurance premiums and claims and related activities. DXC’s relationship with the London insurance market dates back to 2001. At that time, Xchanging, now a DXC company, 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.
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).
The new agreement provides for greater longevity and security and DXC will undertake a transition and transformation project to modernize service delivery by leveraging the broader corporate capabilities of DXC. In addition to providing IT, applications and business process solutions, the service will employ DXC’s 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.
David Gittings, chief executive officer, Lloyd’s Market Association, said: “This agreement represents a new baseline for the delivery of vital technology and business processing services to the market over the next five years. It is an important enhancement from the previous contract, presenting necessary changes in the operating model, technology delivery, governance and transparency.”
“DXC is delighted in this continuing demonstration of trust and commitment from the London insurance market through this new agreement with DXC,” said Nick Wilson, senior vice president 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.”