DXC Technology, Lloyd's and IUA Extend Contract to Support Transformation of London Insurance Market

$465M agreement ensures continuity for London market insurance customers during ambitious transformation program

LONDON, May 26, 2022 /PRNewswire/ -- The Shareholders of the London Market Joint Venture (XIS and XCS) - DXC Technology (NYSE: DXC), Lloyd's and the International Underwriting Association (IUA), have announced a $465 million USD contract extension to ensure seamless continuity for the activities of London insurance market customers whilst DXC moves forward with the transformation of the market's IT systems.

Following a previous agreement to build the digital platform that will underpin the London market's transformation, in the latest contract the parties have agreed on a set of services that will create the foundation to safely transition approximately 400 London market insurance companies over to the cloud-native digital platform running on AWS. The agreement includes provisions for operational resilience in line with new industry regulations.

As the world's largest insurance centre, the London insurance market represents 7.6% of the global commercial (re)insurance market, employs 47,000 people across the UK, and makes up almost a quarter of the City of London's GDP, with its gross written premium worth over US$110 billion.

Supporting the Market's Joint Venture, and as the Joint Venture's largest shareholder, DXC will work with Lloyd's, the IUA, and all market associations and participants to transition London market insurance companies to the new digital platform, bringing significant improvements in speed and efficiency. The work is being done in support of the Future at Lloyd's initiative and in conjunction with brokers, managing agents, syndicates, and insurers of the London insurance marketplace. One of the biggest current cloud migrations in the world, the goal is to transform the London insurance market from a largely paper-based, analogue set of processes to one that is data-focused, automated, and cost-efficient.

John Neal, CEO of Lloyd's said: "In announcing this extension, Lloyd's, DXC and the IUA are demonstrating our commitment to digitally securing the activities of London market customers in both the long and short term. With the Future at Lloyd's transformation, we will transition to a single platform that will provide automated processing and accounting for the market, leading to a substantial reduction in operating costs, and providing customers with a much faster, better service."