In a deal valued at £65.5million, the global insurance market has renewed its contract with Xchanging to provide business process services.

The new contract will cover a 5 year term and includes support of the market’s electronic processing platform (IMR).

Geoff Kennard, electronic services director at Xchanging, said: “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.”