Contract with Resolution plc
Capita Group PLC
30 May 2007
Capita selected by Resolution plc
as strategic outsourcing partner
The Capita Group Plc ('Capita') announces that it has today signed a contract to
become a strategic outsourcing partner of Resolution plc ('Resolution'), the largest
specialist manager of in-force UK life funds with an estimated 7 million policyholders
and assets under management of £61 billion. The contract is worth approximately
£580 million over 12 years and involves both closed and open book policies.
The strategic partnership will see Capita delivering customer services, IT services,
policy servicing, claims and new business processing for approximately 4.5 million
policyholders and future new business in the Phoenix Life Assurance (formerly Abbey
National Life), Scottish Mutual, Scottish Provident and Phoenix Life (formerly Britannic
Assurance, Britannic Unit Linked Assurance, Britannic Retirement Solutions and Alba
Life) funds.
Resolution has today informed its staff in Glasgow and Wythall of this partnership.
The deal will involve the transfer of around 2,000 staff to Capita under the TUPE
regulations. Service transfer is expected to commence on 1 August 2007.
The contract includes plans, agreed between Capita and Resolution, for the offshoring
of a substantial amount of back office work. All customer-facing and 'voice' roles,
however, will continue to be delivered from operations in the UK and customer data
will remain in the UK.
Paul Pindar, Chief Executive of Capita commented: 'Capita is delighted to engage
in this strategic alliance with Resolution plc. With both companies having strong
positions and growth strategies in the life and pensions market, our aim is to build
a mutually beneficial partnership to support the future growth of both Resolution
and Capita. We look forward to working with Resolution to deliver high quality
outsourced support, allowing them to concentrate on growing their core business.
Capita is now the clear leader in the outsourced life and pensions market where
we support a growing number of life assurance companies and consolidators.'
Mike Biggs, Group Chief Executive at Resolution, said: 'We chose Capita because
we believe that they can best deliver a business transformation programme designed
to increase the quality and dependability of our services to customers. In addition
they have experience of the particular needs of regulated financial products providers.
We also believe that they have the capability to manage the planned offshoring programme
with both efficiency and sensitivity. We look forward to working in partnership with them.'
-ends-
For further information:
The Capita Group Plc
Tel: 020 7799 1525
Paul Pindar, Chief Executive
Shona Nichols, Corporate Communications Director
Capita press office
Caroline Mooney
Tel: 0207 654 2152/0870 2400 488 (out of hours)
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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