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London, 25 October: Xchanging, the business process, procurement and technology services provider and integrator has been awarded a five year extension to its current contract to operate the Insurers' Market Repository (IMR).

The IMR is a key piece of infrastructure for the London market which supports the electronic processing of premiums, policies and claims through Accounting and Settlement, eAccounts and Electronic Claim File services.

The competitively priced deal gives customers the certainty of fixed transaction costs for the next five years.

The IMR was originally developed by Xchanging in partnership with the Market as part of the Modernisation Programme championed by the London Market Group.

Electronic Services Director Geoff Kennard said: “Following robust negotiations including a competitive benchmark exercise, Xchanging has concluded an agreement with the Market that provides excellent value for IMR users. The IMR is a central piece of processing infrastructure which underpins the successful transition of the market’s premium accounting and claims processes from being largely paper based to being 98% electronic. We are delighted to have been awarded this deal and are privileged to have a key role to play in the market’s plans for the future.”

Ends

For further information, please contact:

Xchanging UK
Julie Lynch
julie.lynch@xchanging.com
Tel: +44 (0)20 7780 5010

FWD PR
Michael Gaughan
michael.gaughan@fwdpr.co.uk
Tel: +44 (0)20 7623 2368

Richard Adams
richard.adams@fwdpr.co.uk
Tel: +44 (0)20 7623 2368

Xchanging

What we are
Xchanging provides business processing, technology and procurement services internationally for customers across multiple industries.

What we do
Xchanging brings innovation, thought leadership and passion to its customers’ businesses so as to enhance performance and value. Our values are embedded into everything we do.

What we want to be
Xchanging wants to be regarded as the best provider in its chosen markets by delivering services that are recognised for outstanding quality, reliability and innovation.

www.xchanging.com

This press release was distributed by ResponseSource Press Release Wire on behalf of Xchanging Global Insurance Solutions Ltd in the following categories: Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.