Indian IT major HCL today said that it has been awarded a major service contract by Equitable Life Assurance Society (Equitable Life) with a total contract value of $200 million, through its affiliate HCL IBS.
Equitable Life is a UK life office with over £8 billion under management on behalf of more than 500,000 policyholders and members of group pension schemes. Founded in 1762, Equitable Life has been closed to new business since 2000.
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 provide an end to end solution including policy administration, finance, actuarial services, IT operational support and call centre services.
''This is a major win for HCL IBS since the acquisition of Liberata Financial Services in 2008 and reflects our position as a leader in transforming our clients' Life and Pensions operations," said Stuart Drew, senior vice president, HCL Technologies.
Liberata Financial Services, which was acquired by HCL in July 2008, is moving within HCL's overall structure to become HCL Insurance Business Services (HCL IBS). Lead by HCL IBS' newly appointed chief operating officer, Stephen White, the division is aligned to HCL's financial services group, which supports high-profile financial services brands across the globe. This gives UK customers, such as Equitable Life, greater access to HCL's proven international financial services capabilities.
Explaining the scope of work for Equitble Life, Drew said, ''However, this deal is more than just Life and Pensions policy administration. Our expertise enables us to provide a 'virtual life office' approach to Equitable Life, which is a true differentiator for HCL. We look forward to welcoming the Lloyds Banking Group staff who work on the Equitable Life account to HCL as well as a small number of Equitable Life's own staff. Over the coming years, we plan to develop the scope of their work to encompass other financial services clients.''