HCL Tech inks $200-mn pact with UK-based insurance co

The deal is expected to help Equitable Life save about eight million pounds in costs in the first year.

“Future savings and predictability of costs mean Equitable Life can reduce its provision for future costs by an amount in excess of 100 million pound,the statement added.

HCL Insurance Business Services Ltd,a part of HCL Tech has signed the deal.

The contract,which comes into effect in March 2011,will deliver substantial cost benefits to Equitable Life’s policyholders through the transfer of core processing and support activities,HCL said.

Equitable Life has over 8 billion pound under management on behalf of over 500,000 policyholders and members of group pension schemes.

“This is a major win for HCL IBS since the acquisition of Liberata Financial Services in 2008 and reflects our position as a leader in transforming our clients’ Life and Pensions operations,” HCL Senior Vice-President Stuart Drew said.