IT solutions provider, Sherwood International has linked up with business process outsourcing (BPO) company CSL to provide a new range of outsourcing services for insurance providers.
Sherwood is a supplier of IT solutions and services to the global insurance market. Its flagship product is AMARTA, which deals with business process design and deployment of resources.
CSL, a subsidiary of Deloitte & Touche, is a BPO specialist with a contracted forward order book of £600m.
Together the two firms plan to attack the entire insurance market – including life insurance, general insurance and pensions. CSL already carries out outsourcing administration work for Windsor Life.
Through the agreement, Sherwood has estimated that it will be able to cut insurer back office costs by up to 50% over a seven-year period.
Sherwood International chief executive George Matthews said: “CSL is one of the UK's leading specialists in business process outsourcing. The company's focus is on provision of high quality, efficient administrative services on long-term contracts, to allow clients to focus on their core business.”
CSL's workforce numbers 2,500 at 18 UK offices.
Matthews added: “This agreement places us in an excellent position to develop the substantial growth opportunities for full business outsourcing in the UK and broadens the solutions we can offer our clients. It also extends further the existing relationship between Sherwood and Deloitte & Touche.”
Brian Reece, chief executive of Sherwood International, said: “The natural synergy that exists between Sherwood with its market knowledge, and CSL with our business process delivery experience, makes this a powerful offering.”
The service provision to existing clients through Sherwood's outsourcing business, Sherwood CFM – a joint company with ICL – will remain unaffected by the new arrangements.