Every penny counts in today’s financial climate – and when those pennies add up to £100 million, that’s quite the cool saving.
Earlier today the LMA announced that, working together with the IUA, it had concluded a transaction with DXC Technology for the provision of bureau services that it expects will save the Lloyd’s and London market the cool sum over the next five years.
The renegotiated contract will, the LMA states, optimise service delivery and enable a host of cost reductions that will be apportioned on an 80/20% split between Lloyd’s managing agencies and the IUA companies that use the bureau.
“It is heartening to see the LMA and IUA leading a cross market initiative to deliver a material cost reduction, at a time when the market’s cost base is under constant pressure,” said David Gittings, CEO of the LMA.
DXCs collaboration with the London insurance market dates back to 2001 when Xchanging, now a DXC company, was contracted with providing central utility business processes and associated IT platform services. According to a release, these partnerships will remain the basis for the delivery of services under the new agreement which will see DXC’s insurance software portfolio and cloud capabilities utilised.
“DXC is delighted in this continuing demonstration of trust and commitment from the London insurance market through this new agreement with DXC,” said Nick Wilson, senior vice president and general manager of DXC’s UK and Ireland region. “We look forward to bringing the full potential of DXC to enhance and optimise current services, and to being part of the market’s digital transformation journey.”
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