A key goal for Lockton International, the world’s largest privately owned insurance brokerage, is to respond quickly to a dynamic global specialty market and expand its digital footprint. Its focus is on attaining simple, efficient, straight-through processing and aligning with industry initiatives, (including Blueprint Two in the UK) for redesigning the entire specialty insurance lifecycle via digitalization.
Lockton UK turned to DXC Technology to help fulfill its objective to streamline operations through the solution provider’s API-enabled, cloud-based solution, DXC Assure Broking. Running on Amazon Web Services (AWS), DXC Assure Broking is an integrated, modular solution for commercial insurance brokers built on the DXC Assure Digital Platform. Covering business development, policy administration, claims, reporting and analytics, it delivers a digital customer experience, reduces costs, increases efficiency, and accelerates time to market for new products and services.
“We all acknowledge the need to digitize the way we process our business more,” says Simon Coleman, Lockton International COO. “We’re looking for this project to give us better quality data, better controls and enable us to evolve our service proposition.”
Announced as an early adopter of DXC Assure Broking, the first stage of Lockton’s project with DXC is to replace its legacy UK retail insurance solution with a modern technology platform. A number of its components are already live on the DXC Assure Broking platform. “We’ve been really pleased how that has gone to date,” says Coleman.
The plan for phase two is for Lockton to transition its London market wholesale businesses to DXC Assure Broking. The insurance brokerage aims to take advantage of the platform’s APIs to help bring products to market faster and DXC’s commitment to build technology solutions enabling the success of Blueprint Two initiatives. DXC is supporting its insurance software customers, like Lockton, with a number of modernization strategies to enable the adoption of digital and transitional services.
As Lockton’s long-term strategic solution, Assure Broking has the potential to be adopted more widely across their international business. The company selected DXC as a strategic partner due to their “long-term commitment and future commitment to the insurance industry,” says Coleman. “We’re excited for the future partnership.”