Liverpool Victoria Friendly Society, formed in 1843, is the UK’s largest Friendly Society and the Liverpool Victoria group of companies has more than 2.5m members and customers, and manages £6.8bn-worth of assets.
Under the terms of the contract, EDS will provide its Life, Pensions and Retail Investment Administration Service to Liverpool Victoria, using EDS’ wholly owned subsidiary Solcorp’s Ingenium system for open book and new business processing.
The major transformation programme being undertaken involves system consolidation, the introduction of workflow and imaging applications, process re-engineering and infrastructure renewal. BPO services include underwriting, claims, and back office administration.
The contract secures the future of the society’s life administration operation that is based in Exeter. EDS takes over operational responsibility of Liverpool Victoria’s protection business, and investment product administration is being transferred to the Exeter location over a three year period.
The companies have also announced a six year extension to their existing information technology outsourcing agreement, worth an additional £51m.
Ian Cordwell, Liverpool Victoria’s group director, operations, says: “We are delighted to announce this new working relationship with EDS, which 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.”