After years of trying to integrate modern electronic processing, the London market seems to have finally turned the corner. Following the announcement from RI3K on Monday abouts its new V3 system (see IJ Website Sept. 11), Xchanging the London-based business service provider, announced that it has completed “its four-year partnership project to safeguard and re-engineer the data processing systems of the Heath Lambert Group,” a leading U.K. independent insurance and reinsurance broker.
The projected cost savings could eventually total £3 million ($5.67 million). The project is part of “a wider and comprehensive operational review by Heath Lambert to create maximum efficiencies and cost-savings in its critical business processes,” said the announcement. “Its objective has been to replace Heath Lambert’s bespoke mainframe system with Xchanging’s Brokasure Enterprise package, the London Market’s premier application for international wholesale broking organizations. Heath Lambert’s deployment of Brokasure incorporates long-term service and support arrangements which are delivered from Xchanging’s data center in Basildon.
Heath Lambert has been able to reduce significantly both its transaction processing costs and its future investment in software and infrastructure by adopting the Brokasure solution.”
Heath Lambert’s Managing DirectorMike Bruce commented: “It was essential that we partnered with a company that could help us re-engineer our critical business systems, significantly reduce costs and risks, safeguard our data and create better value for our customers – all without compromising our daily operations. Xchanging has proven to be the perfect partner in this venture and we look forward to continuing business with them for many years to come.”
Xchanging’s CEO, David Andrews noted: “Heath Lambert is our longest-established customer in the insurance sector and we are all immensely proud of the tremendous success of this project. It provides dramatic evidence of the overwhelming benefits that our customers gain when partnering with Xchanging and deploying our global insurance solutions.”