DXC deal to save London Market £100m
Lloyd’s Market Association (LMA) in cooperation with the International Underwriting Association (IUA) sealed a deal with DXC Technology for the provision of bureau services that will save the Lloyd’s and the London market £100 million over the next five years, according to an Oct. 31 statement.
Under the renegotiated contract DXC will optimise their service delivery, enabling cost reductions to the market in exchange for a fixed five-year deal, delivering savings that were not possible under the previous one year rolling contract. The cost savings will be apportioned on an 80 / 20 percent split between Lloyd’s managing agencies and those IUA companies that use the bureau.
David Gittings, CEO of the LMA 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.”
Dave Matcham, CEO of the IUA 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.”
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