We keep the market moving
Velonetic operates the core processing services that underpin the London insurance and reinsurance market. Our role is to ensure these services remain resilient, reliable, and secure, while evolving the technology that supports the market in a way that reflects its scale, complexity, and operational reality.
Market transformation is not a single event. It is a long‑term modernisation journey, delivered responsibly, incrementally, and in close collaboration with the market.
Our transformation journey
The London Market relies on a complex ecosystem of interdependent technologies, processes, and participants. For decades, these systems have enabled the market to function at scale, but they must continue to evolve to support future trading models, data standards, and efficiency.
Over recent years, the market set out an ambitious vision for transformation. That work delivered important foundations, including progress toward common data standards and improved digital capabilities. It also demonstrated the scale and complexity involved in delivering change across a live, global marketplace.
Today, the focus has shifted to what matters most: operational resilience, pragmatic delivery, and sustained market confidence.
A resilience‑first approach to modernisation
Velonetic’s approach to transformation is grounded in a simple principle: the market must continue to operate reliably while it evolves.
Rather than pursuing large‑scale, disruptive change, we are progressing modernisation through:
- Incremental, component‑based delivery
- Continued operation of heritage systems alongside new capabilities
- Re‑use of proven technologies where they add value
- Strong assurance, testing, and risk management
There is no planned “full-service” cutover that happens in some short number of days. Change will be introduced carefully, transparently, and in a way that reflects market readiness.
Market Modernisation
At the heart of our transformation journey is the modernisation of the heritage technology estate.
This work focuses on:
• Reducing complexity over time
• Ensuring resilience, security, and scalability
• Enabling future digital processing capabilities
• Supporting interoperability and common data standards
Progress will be deliberately phased. New components will be introduced where they strengthen the overall ecosystem, while existing services continue to operate reliably.
Testing, assurance, and confidence
Transformation at this scale requires discipline. Testing and assurance are central to our approach.
We are progressing testing in structured phases, focused initially on new transaction capabilities and core components. This ensures issues are identified early, risk is managed effectively, and confidence is maintained across the market. Important to testing in 2026 and beyond will be the principle of parallel running of the systems (heritage and new). This will allow full assurance of data integrity validation as the output from both systems can be confirmed.
Market participants will not be asked to engage prematurely, and any future involvement will be communicated clearly and well in advance.
Collaboration across the market ecosystem
Velonetic will not transform the market alone.
We work in close partnership with DXC as our technology supplier, and alongside Lloyd’s, the Lloyd’s Market Association (LMA), the International Underwriting Association (IUA), and other key stakeholders. This collaboration ensures that transformation reflects the needs of the market, operates within the right governance framework, and supports a shared vision of a resilient, efficient ecosystem.
The future of the market is not a single mandated platform, but an interconnected environment built on open architecture, interoperability, and shared standards.
Where we are today
Around 1,400 people across Velonetic are focused on delivering the reliable operation of the market’s core services every day, while progressing this transformation journey in a measured and responsible way.
Operational performance, service continuity, and resilience remain our priorities — today and as the market evolves.
Latest Market Update
As part of our commitment to transparency, we publish regular updates on our operational performance and progress.
Velonetic Market Update & 2025 Annual Processing Statistics
[Download the latest update]
This report provides additional detail on service performance, processing volumes, and our current modernisation activity.