Lloyd’s JV with DXC Technology aims to support the Future at Lloyd’s Blueprint Two. Credit: Joshua Sortino on Unsplash.

Lloyd’s and insurance company markets in London have agreed to create a joint venture (JV) with DXC Technology to enhance digital capabilities and slash processing costs for the market.

Other constituents of the new JV are the International Underwriting Association (IUA), a trade body that represents London commercial insurers;  the Lloyd’s Market Association (LMA), which represents 51 Lloyd’s managing agencies and member agents.

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Lloyd’s in its press statement said that this ‘advanced digital and technology-led insurance marketplace’ will aim to support the ambitious Future at Lloyd’s Blueprint Two.

Blueprint Two, which was released by the insurer in November 2020, outlines the company’s strategy to deliver change in its market via digitalisation.

Lloyd’s CEO John Neal said: “This new agreement demonstrates a clear commitment to achieving our ambition to build the most advanced insurance marketplace in the world under Blueprint Two.

“DXC has laid strong foundations which will enable us to deliver the infrastructure required to support the digital marketplace of the future and ensure that we get it right first time and at a process speed not previously seen in the market.”

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DXC Technology president and CEO Mike Salvino commented: “Our collaboration with Lloyd’s is characteristic of the ‘new DXC’, and our focus on delivering excellence to our customers and our customers’ customers.

“Drawing upon our capabilities across the Enterprise Technology Stack, we will continue to deliver the right technology to support the London insurance market’s progress towards a growth-driven, digital economy.”