HBOS signs Cap Gemini for £25m platform project

HBOS has signed a £25m contract with consultancy Cap Gemini Ernst & Young to develop a common technology platform to support it...

HBOS has signed a £25m contract with consultancy Cap Gemini Ernst & Young to develop a common technology platform to support it life assurance, savings and pension products.

The bank, formed by the merger last year between Bank of Scotland and Halifax, hailed the deal as a first for the financial services sector.

The project will create a single customer service platform to support multiple products and brands under a single customer service system, with the aim of reducing customer servicing costs by 25%.

Analysts said that other insurers would follow the example of HBOS in a bid to reduce processing costs for a myriad of complex products.

"A lot of insurance companies are focusing on costs at the moment with 1% [fixed customer] charges and the decline in the equity market," said Daniel Mayo, lead analyst in the financial services group of analyst firm Datamonitor.

HBOS will create a common system for life and pension products by extending the technology platform of the recently acquired Equitable Life.

John Edwards, chief executive officer for HBOS Life and Pensions, said: "To succeed in today's financial services arena you must give your customers the highest service quality while simultaneously driving down costs. That is precisely what this project hopes to achieve."

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