Leading (re)insurance provider Tokio Marine Kiln (TMK) and IT consultancy leader NTT DATA UK have announced the extension of their decade-long partnership today.
The specialist insurance firm has worked with NTT DATA since 2011. Beginning with application development and managed services, the partnership has since evolved and expanded to cover data, reporting, automation and more.
Darren Sharp, Group Head of IT at Tokio Marine Kiln, commented: “Our partnership with an organisation of the scale of NTT DATA allows us to tap into a range of skills and expertise, and gives us the ability to scale our delivery at pace to respond to new demands. Insurance is a rapidly changing marketplace and we need to be able to learn and adapt quickly, not least because of what has happened in the past year. They are a natural extension of my team, working alongside our business colleagues and integrated within my technical teams.”
The COVID-19 pandemic forced a shift in the insurance sector, but doubly so at Lloyd’s. Lloyd’s is a traditional a face-to-face marketplace so its move to remote working required a rapid adjustment in working practises.
Sharp explained: “We have all seen the people walking the City streets with bundles of files and papers needed to write their risks. Within days of lockdown NTT DATA worked with my team to move our Singapore operation to electronic signatures. This was a great example of where we can draw on NTT DATA’s scale but also their responsiveness and understanding of our business processes. Work that would traditionally have taken months or even years was delivered in a matter of days.”
More recently, NTT DATA used their data expertise to help TMK with an exciting new data architecture, whereby new technologies and ways of working will provide TMK with the insights needed to support its broad underwriting portfolio. Alongside this, TMK and NTT DATA are working together to embrace, mature and expand process efficiency initiatives. This includes significant increase in the use of DevOps tools and techniques to speed up the delivery of business value, whilst reducing both cost and risk.
Kim Gray, Head of Insurance at NTT DATA UK, commented: “We have seen some fantastic results during our time working with TMK and its thanks to the strength and depth of our relationship that we’re able to accomplish all that we do. The insurance sector has undergone rapid change recently - doubly so in speciality insurance - but together with TMK, we are driving real innovation and ensuring they stay ahead of the curve.”
“Insurance is a market that is constantly evolving and rethinking how it does business and evaluates risk. It is fitting that after ten years working together, TMK still believes its best bet is to remain in partnership with NTT DATA.”