Xchanging plc, the London-based business technology and services provider, has won a three-year contract to supply insurance services to the Lloyd’s service companies operating from the Lloyd’s Asia platform in Singapore, with effect from Jan. 1, 2016.
The new cloud-based services will include risk registration, technical accounting, credit control and cash matching with a road-map for further development to include claims administration, Xchanging said in a statement.
In January 2014, Xchanging announced an expansion of its presence in Singapore, with the opening of a second office in the heart of the city’s insurance hub.
This underlined the company’s ongoing commitment to support the region’s insurance industry, and enhanced its existing near and offshore operations in both Singapore and Malaysia, where more than 500 employees are dedicated to serving customers, Xchanging added.
Lloyd’s Asia was established in Singapore in 1999 to give Lloyd’s an underwriting base in the Asia Pacific region. It now has 18 service companies operating within its offices, which makes up 12 percent of Lloyd’s overall business.
The new insurance services contract builds on Xchanging’s strategy to grow its insurance business outside of London, and to develop its business processing capabilities in APAC, the company said.
Using the Global XB technology platform, which Xchanging gained through its acquisition of Total Objects in 2014, “the service will integrate seamlessly with London processes and systems,” the company affirmed.
“Xchanging is delighted to have won this contract to support the service companies operating on the Lloyd’s Asia platform,” said Adrian Guttridge, executive director, Xchanging Insurance. “We already have many established and successful technology and business relationships with leading companies in the region. Our proven, global insurance capabilities, innovative technology and local infrastructure, make Xchanging a trusted provider for Lloyd’s service companies in Singapore.”
Was this article valuable?
Here are more articles you may enjoy.