The Lloyd’s Market Association (LMA), in collaboration with the International Underwriting Association (IUA), has completed a transaction with DXC Technology that will reportedly save the Lloyd’s of London marketplace £100 million (US$132 million) over five years.
The transaction with DXC Technology, an end-to-end IT services company, concerns the provision of bureau services, and will see DXC Technology optimise service delivery, which will support cost reductions to the marketplace in exchange for a fixed five-year deal.
According to a statement on the transaction, the renegotiated contract, which was evaluated by Aecus, will deliver savings of £100 million over the next five years, something that wasn’t possible under the previous, one-year rolling agreement.
The cost saving will reportedly be split 80/20 between Lloyd’s managing agencies and IUA firms that use the bureau.
LMA Chief Executive Officer (CEO), David Gittings, said; “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. I’d like to thank DXC for making the commitment to our market and delivering valued services whilst also committing to guaranteeing the ongoing quality of that service.”
CEO of the IUA, Dave Matcham, added; “This agreement will help our members process business more efficiently and is an important part of London’s drive to modernise its systems and provide a better service for clients.”
