The contract is the continuation of an already existing partnership.

HCL was selected on the criteria of direct communication with AEGON, an established presence in the international insurance market and it's proven ability to handle high volume operations and deliver secure scalability. HCL has been selected to improve time to market, productivity and service quality.

Peter Varenkamp, executive vice-president, Netherlands, AEGON said: "We have developed an innovative tripartite model that enables AEGON to interact with its own in house resources, HCL and local service providers all under the roof of one offshore development centre."

Stuart Drew, European managing director, financial services, HCL Technologies explains: "We are currently handling some of AEGON's back office and legacy applications, as well as their transition projects. Moving forward we hope to progress the relationship from application management and development, to new technology implementation and business process outsourcing."