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."
