Initiative to optimise services with DXC Technology, saving the London market £100 million
The IUA and the Lloyd's Market Association has concluded a transaction with DXC Technology for the provision of bureau services that will save the London Market £100 million over the next five years.
Under the renegotiated contract, which was independently evaluated by specialist contract consultancy Aecus, 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% 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 said: “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.”
- ENDS -