Bangalore, Nov 23: HCL IBS Ltd, a UK based Life and Pensions administration business of HCL has signed up with Equitable Life Assurance Society (Equitable Life) for substantial costs benefits to Equitable Life"s policy holders.
As per the $200 million deal, HCL will enable the policy holders to revive its closed business through the transfer of core processing and support activities.
Speaking abt the deal,Chris Wiscarson, Chief Executive of Equitable Life said," HCL has an impressive reputation and I am confident that they will provide great service and great value to policyholders. I want to help restore policy holders" savings and this is an important step in that direction."
The deal will come into effect from March 2011 following which HCL IBS will be incharged of half a million policies including the cost of regulatory charges and service level charges of policy holders.