HCL and Equitable Life Assurance Society Gets An Engagement Worth $200M

HCL and Equitable Life Assurance Society Gets An Engagement Worth $200M

1st December 2009

There has been an agreement between the Equitable Life (EL) of UK and the HCL of India for the purpose of the transfer of the major and key processes as well as for supporting the activities which are related to the closed book business of the mutual insurer. According to a press release given by HCL, there will be such solutions given by HCL which will be end to end and these include the ones like financial, policy administration, support of IT operations, services related to actuarial and also the services of the call center.

Stuart Drew, who is the senior vice president of HCL, has said that the migration and also the transformation of the books of Equitable Life Assurance society will be starting on the immediate basis and HCL will be taking over the main processes in the month of March during 2011, from HBOS. It has been expected by it has been expected by Equitable Life that there will be cost saving amounting to £8M during the complete first year of this agreement and will greatly increase the cost certainty for its complete run off of its business of the closed book. It has also been claimed by Drew that any of the future savings and cost predictions mean that EL can lower its future costs by greater than £100M.