Insurance giant Lloyd's hires DXC to migrate org off legacy mainframes to AWS cloud
(2022/01/13)
- Reference: 1642082585
- News link: https://www.theregister.co.uk/2022/01/13/lloyds_dxc_transformation/
- Source link:
Lloyd's, the world's largest insurance marketplace, has contracted DXC Technology to digitise its processes as part of a multi-year effort to move on from a largely paper-based, analogue way of working.
The London insurance market accounts for 7.6 per cent of global commercial reinsurances, and comprises almost a quarter of the gross domestic product for the City as its gross written premium is worth more than $110bn. It is made up of more than 50 insurance firms, 200-plus registered brokers, and a global network of 4,000 local cover holders.
Oh, and it employs 47,000 people across the UK.
[1]
The intention is to pull the 300-year-old organisation into the 21st century. DXC said it is going to rearchitect the "entire IT system and develop a cloud-native digital platform running on AWS to replace legacy mainframes, while automating manual processes."
[2]
[3]
In a [4]canned remark , Lloyd's CEO John Neal said the grand plan is to "transition to a single platform solution that will provide automated processing and accounting for the market, a substantial reduction in operating costs, and offer customers a much faster, better service."
DXC will also try to help speed up the deployment of new applications, and provide tools including analytics to comb through data.
[5]
Lloyd's Market Association (LMA) and the International Underwriting Association (IUA) have also approved the tech work. "This is a significant step on the journey to digitise the Lloyd's and London market," said LMA CEO Sheila Cameron.
[6]A fifth of England's NHS trusts are mostly paper-based as they grapple with COVID backlog, warn MPs
[7]Hauliers report problems with post-Brexit customs system but HMRC insists it is 'online and working as planned'
[8]UK government has 'no clear plan' for replacing ageing legacy IT estate, MPs report
[9]Barclays snubs public cloud giants and hardware rivals for HPE GreenLake private cloud
[10]Co-Operative Bank today 'terminated' Capita's outsourcing contract years before it was due to expire
"As an association, IUA and its members understand that digital transformation is imperative to their businesses and to remaining competitive in the London market," added Dave Matcham, CEO at IUA.
Jon C Davies, research director at TechMarketView, hinted that the project was long overdue. "As technology modernisation within the insurance sector has gained pace, Lloyd's and the London Market have been losing ground to more technically advanced global insurance markets.
"As a result, the technology agreement with DXC represents a major milestone for this historic centre."
The financial details of the agreement were not disclosed but the contract will be a welcome shot in the arm for DXC, which is itself going through a transformation to get fitter for the cloud era.
[11]
The move comes days after it emerged that [12]UK regulators in the British banking sector are considering ways to get more access to data and IT systems from the big public cloud providers to assess their operational resilience in respect of outages and cyber attacks. ®
Get our [13]Tech Resources
[1] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[4] https://dxc.com/us/en/about-us/newsroom/press-releases/01122022
[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[6] https://www.theregister.com/2022/01/07/nhs_trusts_parliament/
[7] https://www.theregister.com/2022/01/05/hauliers_gvms_problems/
[8] https://www.theregister.com/2021/12/13/uk_government_has_no_clear/
[9] https://www.theregister.com/2021/12/16/barclays_hpe_greenlake/
[10] https://www.theregister.com/2021/12/02/capitas_outsourcing_contract_with_cooperative/
[11] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[12] https://www.theregister.com/2022/01/11/uk_financial_cloud_dependence/
[13] https://whitepapers.theregister.com/
The London insurance market accounts for 7.6 per cent of global commercial reinsurances, and comprises almost a quarter of the gross domestic product for the City as its gross written premium is worth more than $110bn. It is made up of more than 50 insurance firms, 200-plus registered brokers, and a global network of 4,000 local cover holders.
Oh, and it employs 47,000 people across the UK.
[1]
The intention is to pull the 300-year-old organisation into the 21st century. DXC said it is going to rearchitect the "entire IT system and develop a cloud-native digital platform running on AWS to replace legacy mainframes, while automating manual processes."
[2]
[3]
In a [4]canned remark , Lloyd's CEO John Neal said the grand plan is to "transition to a single platform solution that will provide automated processing and accounting for the market, a substantial reduction in operating costs, and offer customers a much faster, better service."
DXC will also try to help speed up the deployment of new applications, and provide tools including analytics to comb through data.
[5]
Lloyd's Market Association (LMA) and the International Underwriting Association (IUA) have also approved the tech work. "This is a significant step on the journey to digitise the Lloyd's and London market," said LMA CEO Sheila Cameron.
[6]A fifth of England's NHS trusts are mostly paper-based as they grapple with COVID backlog, warn MPs
[7]Hauliers report problems with post-Brexit customs system but HMRC insists it is 'online and working as planned'
[8]UK government has 'no clear plan' for replacing ageing legacy IT estate, MPs report
[9]Barclays snubs public cloud giants and hardware rivals for HPE GreenLake private cloud
[10]Co-Operative Bank today 'terminated' Capita's outsourcing contract years before it was due to expire
"As an association, IUA and its members understand that digital transformation is imperative to their businesses and to remaining competitive in the London market," added Dave Matcham, CEO at IUA.
Jon C Davies, research director at TechMarketView, hinted that the project was long overdue. "As technology modernisation within the insurance sector has gained pace, Lloyd's and the London Market have been losing ground to more technically advanced global insurance markets.
"As a result, the technology agreement with DXC represents a major milestone for this historic centre."
The financial details of the agreement were not disclosed but the contract will be a welcome shot in the arm for DXC, which is itself going through a transformation to get fitter for the cloud era.
[11]
The move comes days after it emerged that [12]UK regulators in the British banking sector are considering ways to get more access to data and IT systems from the big public cloud providers to assess their operational resilience in respect of outages and cyber attacks. ®
Get our [13]Tech Resources
[1] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[2] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[4] https://dxc.com/us/en/about-us/newsroom/press-releases/01122022
[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[6] https://www.theregister.com/2022/01/07/nhs_trusts_parliament/
[7] https://www.theregister.com/2022/01/05/hauliers_gvms_problems/
[8] https://www.theregister.com/2021/12/13/uk_government_has_no_clear/
[9] https://www.theregister.com/2021/12/16/barclays_hpe_greenlake/
[10] https://www.theregister.com/2021/12/02/capitas_outsourcing_contract_with_cooperative/
[11] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offprem/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33YeBatg2V0XV5rnQTLk2FFAAAAAQ&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[12] https://www.theregister.com/2022/01/11/uk_financial_cloud_dependence/
[13] https://whitepapers.theregister.com/
Re: Not fit for purpose
Anonymous Coward
Don't worry, with DXC handling the migration they will not be in business much longer
Mix and match
Anonymous Coward
Running things on someone else's hardware doesn't necessarily save you anything, the cloud provider will always want to make a profit from you.
Automation is good but doesn't have anything to do with running things in a cloud.
I'm sure there have been previous attempts to save money and improve efficiency, what happened to them? Why should it work this time? I'm pretty certain any previous failures had very little to do with technology and more to do with poor management.....
Perhaps only a really wise person can see the benefits on offer this time and to everyone else Lloyd's will appear naked?
DXC ? Hahahaha
Anonymous Coward
300-year-old institution to be dragged... backwards
FTFY
Should have checked with Games Workshop
neilo
Lloyds should have checked in with Games Workshop to see how well DXC was handling that migration
https://www.theregister.com/2022/01/13/games_workshop_launches_05m_at/
Side note: I migrated a company from Sage Line 100 to Axapta 3 using ODBC and Excel / VBA. Speaks to the quality of the consultants remaining at DXC they it gets botched this badly.
Not fit for purpose
Do they deserve to be still in business if they have had their heads buried in the sand for the last 30+ years.