LMA/IUA initiative to optimise services with DXC Technology, saving the London market £100 million
The LMA, working together with the IUA, has concluded a transaction with DXC Technology for the provision of bureau services that will save the Lloyd’s and 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.”
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Notes to Editors
For further information please contact:
James Milne, Head of Communications
Lloyd’s Market Association
T 0207 327 8405
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £30billion per annum.
For more information visit: www.lmalloyds.com.
About the International Underwriting Association (IUA)
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members. The IUA’s London Company Market Statistics Report shows that overall premium income for the company market in 2015 was £21.645bn. Gross premium written in London totalled £15.150bn while a further £6.495bn was identified as written in other locations but overseen by London operations.
About DXC Technology
DXC Technology (DXC: NYSE) is the world’s leading independent, end-to-end IT services company, helping clients harness the power of innovation to thrive on change. Created by the merger of CSC and the Enterprise Services business of Hewlett Packard Enterprise, DXC Technology serves nearly 6,000 private and public sector clients across 70 countries.
The company’s technology independence, global talent and extensive partner network combine to deliver powerful next-generation IT services and solutions. DXC Technology is recognized among the best corporate citizens globally.
For more information, visit http://www.dxc.technology/.
Aecus is an award-winning European consulting firm that helps clients optimize business process outsourcing (BPO), IT outsourcing (ITO) and robotic process automation (RPA) through benchmarking and implementation consulting. Aecus deliver results for our clients by bringing deep domain expertise supported by the best current market data. Our consultants are experienced specialists who can help clients avoid pitfalls, maximize benefits, and develop sourcing and automation arrangements based on the best the market has to offer.
In May 2017, The Hackett Group announced that it had acquired Aecus, with the anticipation that Aecus would expand and enhance The Hackett Group’s efforts to support clients’ RPA projects.
More information on Aecus is available at www.aecus.com.
More information on The Hackett Group is available at: www.thehackettgroup.com.