Capita – a UK-centric business process outsourcing group – has signed a deal with Co-operative Insurance Society (CIS) which will provide £270 million over ten years.
The deal marks part of Capita’s advancement into the sector of life and pensions, enabling it to deliver new products over a determined time frame – first will be a range of protection products for 2009. The deal will also support CIS’s continued growth in life and savings services. Capita will also take on 900 of CIS’s employees.
The Co-operative Group – parent of Co-operative Financial Services which, in turn, is the parent company of CIS and the Co-operative Bank – is the biggest consumer co-operation in the world, with a turnover of more than £9 billion; it has 4.5 million members and manages £20 billion of their investments.
Paul Pindar, Chief Executive of The Capita Group, commented: “This partnership will draw upon Capita's expertise across both the life and 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.”
And David Anderson, Chief Executive of Co-operative Financial Services, 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.” Co-op Banking
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