Aviva sells Indian operations to WNS for £115m

Aviva Plc, the leading provider of life and pension products in Europe, has sold its Indian offshoring operations to outsourcing services provider WNS Holdings Ltd. for £115 million.

As part of the deal, an all cash arrangement, Aviva has also entered into a master services contract with WNS, who will provide offshoring services to Aviva’s UK, Irish and Canadian businesses for the next nine years.

In a statement, Aviva said that the deal gives it protection against inflation and foreign exchange rates, and added that by combining a sale with a long-term agreement it will continue to benefit from the expertise it has developed in this field.

Cathryn Riley, chair of AGS and chief operating officer of Norwich Union Life, said: “We’re proud of the significant offshoring capability that we’ve built over the past five years and we remain firmly committed to offshoring. After an extensive review, we’ve chosen one of our current suppliers to be our long-term partner, allowing us to build on the strength of our existing relationship to increase the flexibility and cost-certainty within our operation. WNS are a great partner; they understand our business and have demonstrated their commitment to helping us develop our customer experience and shared services model.”

Posted by on 07/15 at 05:59 AM

Comments

Many owners of captive shared service centres are now looking to answer the ‘what next’ question. Do we keep investing? How to drive cost reduction and quality improvement when internal volumes are maximized?  Worldwide, we are seeing corporations answering these questions by selling their operations, realising a gain and turning shared service centres into independent supplier facilities.  Watch this space – there will be many more.

Posted by Bill Thomas  on  07/16  at  08:18 AM

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