DXC Technology, a global technology services provider, working closely with the London Market Joint Ventures (XIS and XCS), has announced the successful completion of a major data centre migration for the London insurance market.
Over a single weekend in February, some 70 billion rows of data, 700 IT assets, over 200 mission-critical business applications, and multiple database types were moved by DXC onto a simplified and more advanced on-prem enterprise data centre solution.
A period of ‘hypercare’ was successfully completed at the end of April, signalling the completion of the migration phase, DXC noted.
Making that happen involved a team of some 500 global engineers and an extensive technology partner network.
It also required critical input and coordination from several major organisations in the insurance world including Lloyd’s of London, the International Underwriting Association (IUA), the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers Association (LIIBA).
As an important step in the insurance market’s journey to the cloud, the data centre migration will enhance resilience, security, and agility, while laying the foundations for further digital transformation and continuous improvement.
“Completing the data centre migration has been an important confidence builder for the market and puts the technology stack on a much more resilient and better performing cloud-based infrastructure,” said Bob James, Chief Operations Officer, Lloyd’s.
Adding: “This, along with the delivery of two of the five sequences in the Blueprint Two plan moves us forward to a better, faster, and cheaper way of doing business in the Lloyd’s and London insurance market.”
Chris Halbard, CEO of the London Market Joint Ventures, commented: “DXC is the trusted technology partner to the London insurance market, transforming it from a largely paper-based, analogue set of processes to a marketplace that is digital, efficient and data-first.
“By completing this major milestone, we are taking an important step in the market’s digital transformation as part of our wider engagement with the Lloyd’s Blueprint Two program.”
As the world’s largest insurance centre, the London insurance market represents 7.6% 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.