In order to manage costs more effectively, Friends Life has teamed up with Diligenta, effective in the first quarter of 2012. The IT and customer service specialist will assume administration responsibility for most of Friends Life’s UK Heritage protection business, the individual pension business and part o the corporate benefits business.
This will allow Friends Life to focus on its new proposition developments, including the new workplace savings platform, within its core markets of corporate benefits, protection and retirement income.
Andy Briggs, chief executive officer, at Friends Life said: “The long-term partnership we are announcing with Diligenta gives our business the speed and flexibility to efficiently deliver the right solutions for our distributors and their clients. We have extensive experience in outsourcing partnerships and a proven track record of success and I am confident that in Diligenta we have a strong partner, with shared service values, who will help drive our business forward. Today’s agreement enables us to maintain our industry leading service levels and offers the speed and flexibility to quickly and efficiently deliver solutions that cater to the needs of advisers and employers.”
As a result of this new arrangement approximately 1,900 Friends Life roles in the UK- across a number of office locations- will transfer to Diligenta. Individuals will transfer on their existing terms and conditions, or if not practicable replaced with broadly similar benefits. The terms and conditions for those transferring will be subject to collective consultation with Unite and our Management Consultative Body.
The contract with Diligenta sets out clear levels of service to be delivered for Friends
Life’s customers and intermediaries as well as clearly defined requirements for future service enhancements.
The selection of Diligenta to manage the servicing of the Friends Life book follows a rigorous process which began in 2010. Friends Life chose Diligenta for its technical expertise, industrial strength platform (TCS BaNCS Insurance), shared service values and proven capability in managing circa five million policies for six life office brands.
Diligenta offers a robust record of service delivery and has successfully managed the migration of 3.4 million policies.
Phiroz Vandrevala, managing director & vice chairman of Diligenta, and director, Tata Consultancy Services said: “Our unparalleled experience in the Life and Pension sector coupled with our unique platform capability enabled us to win this path breaking deal. This strategic partnership will allow Friends Life to focus on new opportunities in its corporate markets and grow its business.”
Source : Friends Life
