The partnership places the Lloyd’s managing agency in ’the best position possible to adopt and integrate modern technology,’ says chief executive
Independent turnkey Lloyd’s managing agency Polo Managing Agency (PMA) yesterday (4 September 2023) inked a new partnership with global technology services provider DXC Technology.
The deal will allow PMA to offer its customers DXC Technology’s Assure commercial and specialty cloud solution and its platform, which offers end-to-end insurance services in line with Blueprint Two digitalisation.
Blueprint Two is a strategy to digitalise the Lloyd’s market with the ambition of building the most advanced insurance marketplace.
Paul Andrews, Poloworks and PMA chief executive, said: “As the market embraces digitisation and the integration of new technological initiatives, Polo’s partnership with DXC places us in the best possible position to adopt and integrate modern technology and the emerging wave of machine learning initiatives starting to appear in our market.”
Blueprint Two benefits
DXC Technology has been working closely with Lloyd’s on Blueprint Two and the DXC Assure solution aligns with Blueprint Two, which requires carriers to implement digitalisation changes that meet specific requirements by the end of 2024.
DXC said that Assure addresses the challenges faced by insurers looking to streamline processes and manage IT expenditures, while allowing for economies of scale for PMA’s managed syndicates to help support the Lloyd’s market.
PMA said the deal would help it meet customers’ needs and support the continued growth of its turnkey managing agency, including its latest Wildfire syndicate in a box (SIAB), Syndicate 1996.
A turnkey agent is one that agrees to warehouse the new agent under its own Lloyd’s permissions, with the intent that the new agent will apply for its own Lloyd’s permission within three to five years.
Mark Broadhurst, managing director for insurance in Europe at DXC Technology, added: “This service will allow their customers in the London market to access a cost-effective and cutting-edge solution that will help them implement and reap the benefits of Blueprint Two.”
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