Lloyd’s has signed a contract with DXC Technology and the International Underwriting Association to create solutions to digitalise, streamline and fully automate processing for Lloyd’s and the London market. The agreement will cut market processing costs by 40% and has also received support from the Lloyd’s Market Association.

The new infrastructure will include a core data record with common data standards for policy, premium and claims. It will also support placement, policy creation, claims management and accounting.

John Neal (pictured), CEO of Lloyd’s, said: “In the challenging hybrid working environment forced upon businesses by COVID-19, the early efforts of the Lloyd’s and London market to modernise activities have been strongly demonstrated by the ability to operate digitally and remotely almost seamlessly, ensuring customers’ insurance needs are met and their claims are paid.

“Now, with the respective commitments of DXC, Lloyd’s and the entire London market, we have the capabilities to transition to a single platform solution that will provide automated processing and accounting for the market, a substantial reduction in operating costs, and offer customers a much faster, better service.”

Mike Salvino, president and CEO of DXC Technology said: “This new digital platform will fundamentally change the operating model of the whole London market.”

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