Lloyd’s confirms joint venture with DXC Technology and IUA to digitalize the market – Insurance Business

This is a key milestone in building the future at Lloyds, 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, Lloyds said in its statement. This will be the first time, in over 20 years that the technology infrastructure underpinning the London market will be completely transformed.

According to Lloyds, the agreement is predicated on three key changes: a core data record (CDR) with common data standards for policy, premium and claims, which translates digital processing; the automation of processes that support placement, policy creation, claims management, and accounting; and an agreement that market processing costs in the new digital world will reduce by at least 40% when compared to current services.

In the challenging hybrid working environment forced upon businesses by COVID-19, the early efforts of the Lloyds and London market to modernize 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, said John Neal, chief executive officer of Lloyds. Now, with the respective commitments of DXC, Lloyds 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.

Sheila Cameron, CEO of the LMA, added: "This is a significant step on the journey to digitize the Lloyds and London market. We look forward to working with our managing agent members, DXC, Lloyds and the wider London market, as we build a faster and more cost-efficient, data driven future for the market and its customers.

Here is the original post:

Lloyd's confirms joint venture with DXC Technology and IUA to digitalize the market - Insurance Business