The Law Society of England and Wales has chosen Tata Consultancy Services (TCS) as a strategic transformation partner.

TCS will work with The Law Society initially on a significant system development project, which aims to create a more effective online service for The Law Society and its members. This marks another step in TCS’ foray into the global legal services industry – a sector that can benefit tremendously from technology solutions that can drive higher efficiency levels and, ultimately, profitability.

In the UK in particular, the legal services industry is forecast to undergo material change as the Legal Services Act (LSA) 2007 comes into implementation in 2011. This act is aimed at liberalising the legal services market and bringing the entire market under one regulatory framework by creating “Alternative Business Structures” – that will allow non-lawyers in management and ownership roles. Once the LSA comes into effect, competition is expected to increase and new entrants into the sector will necessitate better regulation and robust systems to meet their demands.

“Following the successful launch of our flagship Legal Management Solution (LMS), we are committed to helping the UK legal services sector during this defining period and strengthening our capabilities as a preferred technology partner to this industry,” said AS Lakshminarayanan, VP and Head, TCS Europe.

The application to be developed by TCS will enable The Law Society to manage the changes brought on by the LSA by streamlining operations and improving efficiencies. This will be done by a systematic review of the society’s business processes, information practices and systems needs, many of which have previously comprised simplistic, fragmented and siloed solutions. The TCS application will also help the Solicitors Regulation Authority (SRA) toward regulating not just individuals, but firms and Alternative Business Structures – by improving internal processes resulting in more effective regulation and reduced cost structures.

Commenting on the partnership, Steve Jeffree, CIO and operations director, The Law Society, said: “As a result of the changing nature of the society, we not only needed a platform that provided the maximum opportunity for the transformation, but also a partner with legal domain knowledge and deep competencies in application development and its implementation. TCS has the depth of expertise and wealth of supporting tools, which allow us to implement these changes and ultimately help us become an agile organization.”

Source:  Top-Consultant

CSC has been selected as the 2010 “Best Technology Vendor” by Reactions magazine. The company has won the award – one of the publication’s top Global Awards – each year since the category was added in 2008. The presentation took place on Sept. 30 in New York.

Reactions, a leading international insurance magazine published in the United Kingdom, through its Global Awards program identifies the organizations, deals, initiatives and industry professionals that are performing ahead of the competition.

“CSC won because of its impressive reach in the insurance industry and quality of the service it delivers,” said Michael Loney, editor of Reactions. “We congratulate CSC on its continued recognition as ‘Best Technology Vendor’ and acknowledge the outstanding accomplishments of all of this year’s award recipients.”

“Our solutions are driven by deep industry experience that enhances relevance and value, and our global delivery framework ensures consistent systems and processes worldwide,” said Ray August, president of CSC’s Financial Services Group. “This award underscores our commitment to helping carriers and reinsurers around the world become more agile, provide better customer service and support virtually all types of insurance products.”

CSC’s technology platforms and financial services applications are used by two thirds of the world’s top 50 insurers and nearly half of FORTUNE’s global 500 financial services companies. In addition, half of the world’s reinsurers use CSC reinsurance solutions.

Source:  Top-Consultant

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