HCL Technologies, the Indian IT services firm which last year acquired Liberata Financial Services, has beaten competitors to a $200 million (£123 million) BPO contract with Equitable Life Assurance Society.

The deal is HCL’s first and long-awaited major win in the life and pensions administration market since it acquired Liberata’s financial services business.

Under the contract which starts in March 2011, HCL Insurance Business Services (IBS) – essentially Liberata’s UK operations – will take over a BPO contract currently being delivered by Lloyds Banking Group, along with Lloyds staff working on the Equitable Life account and a small number of Equitable Life staff.

The transfer will place over 500,000 life and pensions policies under HCL IBS administration and is expected to save Equitable Life £8 million in the first full year.

HCL Technologies senior vice president Stuart Drew said: “Over the coming years, we plan to develop the scope of this work to encompass other financial services clients. Ultimately, we aim to transform the operation into a centre of excellence within our global service delivery capabilities.”

Chris Wiscarson, chief executive of Equitable Life, said: “This is one of the most important decisions in the society’s history. HCL has an impressive reputation and I am confident that it will provide great service and great value to policyholders.”

Source: MCN Direct Newswire