Lloyd’s is taking the next step in its ambition for a digital and technology led insurance marketplace that will provide accuracy, speed and processing power to the London insurance markets.

A vital digital transformation of central processing services will be delivered under a new partnership with NYSE-listed DXC Technology and the boards of the Lloyd’s Market Association and the International Underwriting Association (IUA).

The agreement, which brings together both the Lloyd’s and insurance company markets in London in a new joint venture agreement with DXC, aims to deliver world class technology as well as significantly reducing the processing costs for the market.

It comes after many months of product development targeting new capabilities to allow customers to get cover more quickly and support faster claims payments.

Lloyd’s CEO John Neal says the new agreement demonstrates a clear commitment to building the most advanced insurance marketplace in the world under Lloyd’s “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,” Mr Neal said.

DXC Technology president and CEO Mike Salvino says the ongoing work contributes to a far-reaching transformation of the London insurance market, advancing the market’s ability to service complex risks.

"We will continue to deliver the right technology to support the London insurance market’s progress towards a growth-driven, digital economy,” he said.