Insurance group Capita Life & Pensions has handed over some of its policy administration chores to European IT services company Steria, as part of a five-year deal aimed to cut the cost of maintaining life and pensions processes.
Paris-based Steria said it would be providing offshore IT application development and support services to the UK market leader in life and pensions administration, which is a division of the Capita Group.
The Capita Life & Pensions arm provides outsourcing services for life and pensions operations for a number of financial services organisations, including Zurich Financial Services, Lincoln Financial Group, Prudential and The Children’s Mutual.
According to research carried out at the tail end of last year by the analyst house of Ovum, Steria reportedly had the strongest growth of the top 15 IT services firms during 2008. Some 5,000 of its 19,000 staff work in India.