HCL IBS Ltd. part of HCL Technologies Ltd. (HCL), a leading global IT services provider, today announced an extension of its contract with J.P. Morgan Asset Management to deliver life and pension administration services for Save & Prosper. The new evergreen contract establishes a long term commitment and business partnership between J.P. Morgan Asset Management and HCL, and provides certainty around the provision of the high quality processing and support activities required to run the Save & Prosper closed book of business.
The decision to extend the contract, which was first established in 2001, comes after J.P. Morgan Asset Management conducted an in-depth review of its strategy and business requirements. The contract extension will reduce cost for J.P. Morgan Asset Management and deliver service enhancements to improve the policyholder experience. HCL, a trusted partner with a strong understanding of the business, will continue to provide an end-to-end service solution to enhance policy administration, finance, actuarial and call center services. The new contract services 185,000 policies and provides additional costs savings to J.P. Morgan Asset Management over the contract’s lifetime in the order of £8.5 million.
Commenting on the contract extension, Peter Ball, Chief Executive of Save & Prosper, said: “J.P. Morgan Asset Management has long enjoyed a strong relationship with HCL and we are happy that our partnership has been extended. I am confident that HCL will continue to provide great service and value to our policyholders.”
Commenting on the win, Stephen White, Chief Operating Officer, HCL IBS said: “This success follows HCL’s acquisition of Liberata Financial Services in 2008 and reflects the strength and openness of the long term relationships we build with our clients. We believe that with our global reach, deep capabilities and the consistent high quality of the services we deliver, HCL is the ideal partner for JPMorgan Asset Management. We are delighted that J.P. Morgan Asset Management has reconfirmed the value it places in our partnership through this contract extension. We look forward to adding further value through the introduction of wider HCL service capabilities to help the company achieve its business needs.”
Source : http://hardware.itbusinessnet.com/articles/viewarticle.jsp?id=937482
