Lloyd’s inks deal to build “world’s most advanced” digital insurance marketplace | Insurance Business Australia
Lloyd’s, the International Underwriting Association (IUA) and the boards of the Lloyd’s Market Association (LMA), have entered into partnership with DXC Technology to build what they call “the world’s most advanced digital and technology-led insurance marketplace.”
In a statement, Lloyd’s said the new arrangement “will support the ambition set out in the Future at Lloyd’s Blueprint Two” and follows months of discussion, product development, and early solution workshops. The aim of the joint venture agreement with DXC Technology is to deliver world class technology and digital processing capabilities that will enable customers to get cover more quickly and support faster claims payments, while also significantly reducing the processing costs for the London market.
Read more: Lloyd's reaches notable milestone in shift to digital ecosystem
“This new agreement demonstrates a clear commitment to achieving our ambition to build the most advanced insurance marketplace in the world under Blueprint Two,” said John Neal, chief executive officer of Lloyd’s. “DXC has laid strong foundations which will enable us to deliver the infrastructure required to support the digital marketplace of the future and ensure that we get it right first time and at a process speed not previously seen in the market. I am delighted by the progress made so far and look forward to working together with the IUA and LMA to create the digital services that the London market can depend on for years ahead.”
Mike Salvino, president and CEO of DXC Technology, commented: “The continuation of our work contributes to the far-reaching transformation of the London insurance market, advancing the market’s ability to service complex risks. Our collaboration with Lloyd’s is characteristic of the ‘new DXC’, and our focus on delivering excellence to our customers and our customers’ customers. Drawing upon our capabilities across the Enterprise Technology Stack, we will continue to deliver the right technology to support the London insurance market’s progress towards a growth-driven, digital economy.”