JP Morgan Asset Management Extends Outsourced Services Contract With HCL

To provide continuity and certainty around life and pensions administration for Save & Prosper
HCL IBS, part of HCL Technologies (HCL), has extended its contract with JP Morgan Asset Management to deliver life and pension administration services for Save & Prosper, the global asset management arm of JP Morgan Chase & Co.
JP Morgan has claimed that the contract extension will reduce cost and deliver service enhancements to improve the policyholder experience. HCL will continue to provide an end-to-end service solution to enhance policy administration, finance, actuarial and call center services. The new contract services 185,000 policies and provides additional costs savings to JP Morgan Asset Management over the contract's lifetime in the order of GBP 8.5mn.
Peter Ball, CEO of Save & Prosper, said: "JP Morgan Asset Management has long enjoyed a strong relationship with HCL and we are happy that our partnership has been extended. I am confident that HCL will continue to provide great service and value to our policyholders."
Stephen White, COO of HCL IBS said: "We are delighted that JP Morgan Asset Management has reconfirmed the value it places in our partnership through this contract extension. We look forward to adding further value through the introduction of wider HCL service capabilities to help the company achieve its business needs. HCL's governance model means that strategic needs are given as much focus as operational delivery. Our platform has the capability to deliver cost certainty and provide those benefits on long term contracts.
"We have developed a growing onshore/offshore business model, which will enable further capability developments and efficiency improvements. We are keen to grow our Life and Pensions business, in both the open and closed book space, and this announcement demonstrates we provide a compelling and competitive proposition in this market."
David Mitchell, SVP of IT research at analyst firm Ovum, said: "Outsourcing of specific business functions or business areas is most effective when the outsourcing provider has domain specific capabilities. The recent life and pensions administration contract with HCL for Save & Prosper with JP Morgan is based on the HCL industry specific expertise in this sector, offering JP Morgan an enhanced service for their customers and staff while still being very cost effective."
HCL Technologies offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO.