Lloyd's, London Market Insurers Partner with Technology Provider

Lloyd's and London market insurance companies have partnered with DXC Technology to support the goals set out in the Future at Lloyd's Blueprint Two to build the world's most advanced digital and technology-led insurance marketplace.

Lloyd's, business-to-business technology services provider DXC, and the boards of the Lloyd's Market Association (LMA) and the International Underwriting Association (IUA) signed an agreement aimed at transforming the technology and digital processing that powers the world's largest insurance market.

The arrangement followed months of discussions, product development, and early solution workshops and is meant to provide accuracy, speed, and processing power to London insurance markets, a Lloyd's statement said. The new technology and digital processing capabilities will support the ambition of allowing insurance buyers to obtain coverage more quickly and enabling faster claims payments.

According to Lloyd's, the joint venture agreement will deliver world-class technology while significantly reducing processing costs for the market.

"This new agreement demonstrates a clear commitment to achieving our ambition to build the most advanced insurance marketplace in the world under Blueprint Two," Lloyd's CEO John Neal said in the statement. "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 [the] 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," Mr. Neal said.