Liverpool Victoria is looking to cut operating costs and improve customer service, by handing EDS a £26m contract to enhance its online application capabilities and to provide a tele-underwriting service to its life protection business.
The contract, which will last until 2017, is an extension to EDS’s life administration contract with Liverpool Victoria.
The online application capabilities and tele-underwriting service will replace existing manual processes and enable the friendly society to offer its independent financial advisers and business partners a flexible electronic process for submitting life protection applications.
Liverpool Victoria said this will result in the faster acceptance of applications - immediate in many cases, and in days rather than weeks for those where medical history information can be obtained through a tele-interview.
The company said the automated processes will deliver “significant” cost savings.
“These additional capabilities will strengthen Liverpool Victoria's position in the life protection market, and will pave the way for substantial operational efficiencies and improved customer service,” said Kevin Durkan, Liverpool Victoria group operations director.