DXC Technology has announced the signing of an agreement with Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, to transform the London market.
The London insurance market represents 7.6 percent 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.
This agreement is a key milestone in building the Future at Lloyd’s, which will see the insurance marketplace transformed from a largely paper-based, analogue set of processes to one that is data-focused, automated, and cost-efficient.
DXC will rearchitect the market’s entire IT system and develop a cloud-native digital platform running on AWS to replace the legacy mainframes, while automating manual processes.
“This new digital platform will fundamentally change the operating model of the London market,” said Mike Salvino, President and CEO, DXC Technology.
The transformation will increase resilience, security, and speed of application deployment. The tech deal will also give the market the tools to derive more business value through data and analytics, DXC said.