Prudential has finalised its £750m business process
outsourcing deal withCapita
, using sourcing services firmTPI.
The outsourcing deal was announced at the end of last year, and
is expected to result in thousands of Prudential staff transferring
to Capita as part of the deal.
The agreement involves the delivery of life and pension sales
and administration services during a 15-year period.
"This agreement represents a milestone for both Prudential UK
and Capita, further cementing Capita's position as the market
leader in insurance BPO processing in the UK, and serving as a
critical component of Prudential UK's ongoing transformation
programme," said John Keppel, partner for global financial services
at TPI.
TPI said the deal, an extension of the two companies' existing
relationship, will result in the transfer of over 3,000 employees
in the UK and India to Capita, and the sale of Prudential UK's
Mumbai-based operation.
Gary Shaughnessy, managing director for retail life and pensions
at Prudential, said, "TPI provided us with valuable advice through
a very important and sensitive process for Prudential UK.
"By running a streamlined and detailed process to identify the
right service provider, developing and negotiating a contract and
counseling us through transition, TPI has enabled Prudential UK to
enter into a cost effective, efficient and truly strategic
outsourcing partnership."
TPI's insurance practice group has advised Zurich UK, RSA, Aon,
Zurich Group, Standard Life and Axa.
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