Capita Group PLC
15 October 2007
15 October 2007
CAPITA AND CO-OPERATIVE INSURANCE SIGN MAJOR OUTSOURCING CONTRACT
The Capita Group Plc ('Capita') and Co-operative Insurance ('CIS'), part of
Co-operative Financial Services ('CFS') today signed a contract for Capita to
deliver business processing activities to support the continued growth of CIS's
Financial Services operations. The contract is worth more than £270 million over
Capita will provide customer services, policy administration, new business and
claims activities and the associated technology for around 4.5 million policies
across CIS's life and pensions and unit trust operations. Capita will also be
providing a platform to enhance CIS's new product development.
Capita and CFS first announced this deal in November 2006 at the 'preferred
business partner' stage with an estimated value, at that time, of £250 million.
More than 800 staff will transfer to Capita under TUPE terms on 19 November.
Paul Pindar, Chief Executive of The Capita Group, commented: 'This partnership
will draw upon Capita's expertise across both the life & pensions and unit trust
administration markets through both Capita Life & Pensions and Capita Financial
Group. An integrated operating infrastructure will deliver cost and quality
benefits alongside enhanced customer service and provide a flexible platform for
CIS's current and new business. The work will continue to be delivered from a
central Manchester base and builds on Capita's commitment to North West England.
We look forward to welcoming all staff who transfer to Capita.'
David Anderson, Chief Executive of Co-operative Financial Services (CFS), said:
'I am confident that this partnership with Capita will provide our staff with
increased opportunity for future development within a number of different
sectors. Over the last three years, the change programme undertaken within CIS
has delivered significant customer and business benefits ahead of schedule.
This partnership with Capita is yet another way of transforming the way in which
we do business and ensuring that our customer service continues to be world
For further information:
The Capita Group Plc 020 7799 1525
Paul Pindar, Chief Executive
Shona Nichols, Corporate Communications Director
Capita press office
Tel : 0207 654 2152
Email : firstname.lastname@example.org
CFS press office
Tel: 0161 827 5617
Notes to editors
The Capita Group Plc is the UK's leading provider of integrated professional
support service solutions. The Group's service capabilities encompass business
process outsourcing, (BPO), customer services, administration and support, human
resources, ICT, property consultancy, finance & treasury and consultancy
delivered to both public sector and private organisations. With 27,800 employees
at more than 250 offices across the UK, Channel Islands, Ireland and India,
Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent of
the FTSE100 with revenues for 2006 of £1,739 million. Further information on The
Capita Group Plc can be found at: www.capita.co.uk
Capita Life and Pensions provides core administrative support to a number of UK
and overseas life and pensions companies, including MetLife, the Children's
Mutual, Lincoln Financial Group, Prudential UK and Zurich Financial Services.
Including the Resolution strategic partnership, Capita Life & Pensions will be
responsible for administering 15 million policies by the end of this year.
Co-operative Financial Services (CFS ) is an Industrial and Provident Society,
which brings together the Co-operative Insurance Society (CIS) and The
Co-operative Bank under common leadership. It is owned by the Co-operative Group
(CWS) Limited, which is, in turn, the largest consumer co-operative in the UK,
democratically run for the benefit of its members.
Further information on Co-operative Financial Services can be found at:
This information is provided by RNS
The company news service from the London Stock Exchange