Xchanging – the outsourcing insurance specialist recently subject to a takeover bid from Capita – has secured a three-year contract to supply insurance services to the Lloyd’s Service Companies operating from the Lloyd’s Asia platform in Singapore.

Work will commence at the beginning of next year, where Xchanging will be responsible for implementing cloud-based risk registration, technical accounting, credit control and cash matching on behalf of Lloyd’s.

The deal comes after Xchanging recently extended its presence in Singapore, opening a second office in the city centre at the start of 2014.

Lloyd’s Bank recently topped a report, compiled by Everest Group, identifying which UK banks were achieving the best business impact with their digital functionality.

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