Serco Clinches $270 Million Contract with Aegon

Serco, a global business process outsourcing (BPO) player that acquired Mumbai-based player Intelenet last year, has signed a 10-year, $270 million contract with Aegon, a popular life assurance and pensions provider. The contract will further enhance Serco’s BPO interests in mainland U.K. financial services sector.

Serco will be in charge of providing customer contact and support services for Aegon. The 330-member staff that will offer these services will be located in Lytham st Annes, Lancashire. The chief executive of Serco Global Services, Tom Riall, sees this contract as a significant strategic development for the growth of the company’s BPO business. It will also mark Serco’s entrance into the financial services segment. Riall hopes that the company’s existing offices in Lytham St Annes in the U.K. will become a center of excellence “following earlier contract wins with the UK’s leading online retailer Shop Direct Group and leading UK general insurer, esure.”

According to the chief executive of Aegon, Adrian Grace, the partnership is meant to “add further impetus to our developing and highly successful protection business.” The partnership will help Aegon maximize its operational efficiency and deliver first-class customer service.

Serco will help manage all aspects of a customer’s journey from initial underwriting through claims management for Aegon’s as part of the Aegon Individual Protection (AIP) suite, which includes a portfolio of critical illness, life assurance, disability and income protection products. Serco will also be responsible for policy servicing and claims aspects for Aegon that involves small “closed books’ pension and life assurance policies that require ongoing management. Serco will be responsible for managing approximately 500,000 current and closed book policies.

In addition to the above, Serco will also be responsible for delivering business process improvement and customer service excellence. Serco will help in business process improvement through the use of its advanced cloud technology, CRM, Internet telephony (VoIP) and call center software.