Insurance
group Liverpool Victoria Friendly Society has signed a 13-year
business process outsourcing (BPO) agreement with EDS, worth an
estimated £110m.
The contract,
which began on 1 February, forms part of a major business
transformation programme at Liverpool Victoria involving the
introduction of workflow and imaging applications, process
re-engineering and infrastructure renewal.
The BPO
services, valued at £109m, will include underwriting, claims and
back office administration.
Under the terms of
the contract, EDS will take over operational responsibility of
Liverpool Victoria's protection business. Investment product
administration will be transferred to the insurer’s Exeter location
over three years.
EDS will also
provide its life, pensions and retail investment administration
service to Liverpool Victoria, using its wholly owned subsidiary
Solcorp's Ingenium TM product for open book and new business
processing.
The companies have
also announced a six-year extension to their existing IT
outsourcing agreement, worth an additional £51m in projected
revenues.
Ian Cordwell,
Liverpool Victoria's group director for operations, said,
"The working relationship with EDS is the best possible result for
our operations at Exeter, both in terms of the ongoing career
development of the staff there and the level of customer service we
will be able to offer to intermediaries.
"Furthermore, our
long standing and good relationship with EDS will help to ensure a
seamless transition of responsibilities."