HCL IBS Ltd., part of HCL Technologies Ltd. (HCL), a leading global IT services provider, has been awarded a $200 million service contract by the U.K.-based Equitable Life Assurance Society (Equitable Life). The contract, which starts in March 2011, will deliver substantial cost benefits to Equitable Life’s policyholders through the transfer of core processing and support activities required to run its closed book of business.
HCL will be providing end-to-end solution, including policy administration, finance, actuarial services and call centre services. In a release issued here on Monday, Chris Wiscarson, Chief Executive of Equitable Life has said that HCL will help restore policyholders’ savings and it will add great service and value to policyholders.
According to Stuart Drew, Senior Vice-President, HCL Technologies, it is a major win for HCL IBS since the acquisition of Liberata Financial Services in 2008. However, this deal is more than just Life and Pensions policy administration.
Cost benefits
Equitable Life expects to make cost savings of about £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.
