Equitable Life Assurance Society (Aylesbury, U.K.) has signed a service contract with HCL Technologies (Noida, India) for the transfer of core processing and support activities associated with the mutual insurer's closed book of business. HCL will provide an end-to-end solution, including policy administration, financial, actuarial services, IT operational support and call center services, according to an HCL press release.
Transformation and migration of Equitable Life's book will begin immediately and HCL will take over the core processes from HBOS in March 2011, according to Stuart Drew, senior vice president, HCL. Equitable Life expects to make cost savings of approximately £8 million in the first full year of the contract and significantly improve cost certainty for the whole of the run off of its closed book of business. Future savings and predictability of costs means Equitable Life can reduce its provision for future costs by an amount in excess of £100 million, Drew claims.
"This is one of the most important decisions in the Society's history," comments Chris Wiscarson, chief executive, Equitable Life. "HCL has an impressive reputation and I am confident that they will provide great service and great value to policyholders. I want to help restore policyholders' savings and this is an important step in that direction."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio