RFP News

Published on Nov 24, 2009

Equitable Life Assurance Society has signed a service contract with HCL Technologies for the transfer of core processing and support activities associated with the mutual insurer's closed book of business.

HCL will provide an end-to-end solution, including policy administration, financial, actuarial services, IT operational support and call center services.

Transformation and migration of Equitable Life's book will begin immediately and HCL will take over the core processes from HBOS in March 2011. Equitable Life expects to make cost savings of approximately GBP 8 million in the first full year of the contract and significantly improve cost certainty for the whole of the run off of its closed book of business. Future savings and predictability of costs means Equitable Life can reduce its provision for future costs by an amount in excess of GBP 100 million.

"This is one of the most important decisions in the Society's history," comments Chris Wiscarson, chief executive, Equitable Life. "HCL has an impressive reputation and I am confident that they will provide great service and great value to policyholders. I want to help restore policyholders' savings and this is an important step in that direction." *

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