Serco Group, the international service company, has signed a contract for an outsourcing partnership that will provide customer contact and support services for AEGON, the Dutch life and pensions company.
The contract starts on November 1st and marks Serco's entry into this segment of the financial services market. The contract is worth an estimated £170m over an initial 10-year term.
Serco will deliver a wide range of services for AEGON's UK-based protection business. These include initial underwriting of a new customer's business through to claims management for the AEGON Individual Protection suite. Serco will look after all aspects of policy servicing and claims for some small "closed books" of pension and life assurance policies that are no longer sold but require ongoing management.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Serco will be responsible for the administration of around 0.5m current and closed book policies in total.
JH
-
How to pay in a chequeReceiving or writing a cheque has become much less common in recent years as instant bank transfers have grown in popularity. Amid widespread bank branch closures, we explain what to do if you get a cheque, and how you can pay one into your bank account.
-
Crypto assets of seven million UK investors at risk – how to keep yours safeCryptocurrency wallet rules make it hard to track down assets after someone has died, even if they leave a will saying who they would like to inherit them
