July 5, 2012 / 12:31 PM / in 6 years

Serco eyes UK life and pensions market with Aegon deal

LONDON, July 5 (Reuters) - British firm Serco said it was in exclusive talks with Dutch life insurer Aegon over a 10-year contract to provide customer contact and services, marking the outsourcing group’s first move into the UK’s life and pensions sector.

The UK-based deal, which if signed would start in the fourth quarter of this year, is expected to be worth in excess of 150 million pounds ($233.67 million), Serco said on Thursday.

Having strengthened its global Business Process Outsourcing (BPO) offering with the acquisition of Indian firm Intelenet last year, FTSE 100 listed Serco’s move into the UK life and pension space will see it go up against British rival Capita for work.

Serco has won recent deals in the healthcare, retail, travel and insurance sectors in the BPO sector, which focuses on providing services ranging from HR and procurement to customer relations and accounting.

The Aegon deal will see Serco provide customer service and administration support to Aegon’s individual protection business as well as some small closed books of life and pensions in the UK.($1 = 0.6419 British pounds)

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