Liverpool Victoria signs 13 year BPO contract with EDS
03 February 2004 | 4391 views | 0
The Liverpool Victoria Friendly Society has signed a 13-year business process outsourcing (BPO) services agreement with EDS, worth £109 million in projected revenues, for the supply of life, pensions and retail investment administration services.
Under the terms of the new contract, EDS will take over Liverpool Victoria's life administration operations in Exeter. The vendor has already begun handling the society's protection business and says investment product administration will be transferred to the Exeter location over a three year period.
Ian Cordwell, Liverpool Victoria's group director, operations, says the deal with EDS "is the best possible result for our operations at Exeter, both in terms of the ongoing career development of the staff there and the level of customer service we will be able to offer to intermediaries".
EDS will provide Liverpool Victoria with life, pensions and retail investment administration services using the Ingenium product, which was developed by its Solcorp subsidiary.
The vendor says the contract with Liverpool Victoria also heralds the launch of its third party administration services in the life and pensions market.
Furthermore, Liverpool Victoria has extended its IT outsourcing contract with EDS for a further six years. The renewed contract is worth an additional £51m in projected revenues.