Scoring the biggest contract
win in its five-year history, insurance outsourcing specialist
Diligenta has entered into a 15-year deal worth a total of £1.37bn
($2.1bn) with UK insurer, Friends Life.
The outsourcing agreement
covers customer services and most IT functions and is anticipated
to start generating annual cost savings of £143m from 2013 for
Friends Life, a wholly-owned unit of Resolution which acquired the
insurer in 2007 as part of its life industry consolidation
strategy.
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Under the agreement
Diligenta, a UK-based unit of Indian conglomerate Tata, will assume
administration responsibility for 3.2m Friends Life policies,
taking the total number of policies administered by it to just
under 8m.
As part of the deal with
Friends Life, some 1,900 of the insurer’s staff will transfer to
Diligenta. Worldwide Friends Life currently employs some 6,000
people of whom about 5,600 are located in the UK.
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