Equitable Life Assurance Society (Equitable Life) has signed a large service contract with HCL Technologies Ltd. (HCL), a global IT services provider. The contract starts in March 2011 and will see HCL managing core processes and support activities that are required to run Equitable Life's closed book of business.

As part of the contract HCL will be providing policy administration, finance, actuarial services, IT operational support and call centre services.

Chris Wiscarson, Chief Executive of Equitable Life commented: "This is one of the most important decisions in the Society's history. I want to help restore policyholders' savings and this is an important step in that direction."

As a result of the outsourcing contract Equitable Life expects to make cost savings of approximately £8 million in the first year. Future savings and predictability of costs also means Equitable Life can reduce its provision for future costs by an amount in excess of £100 million.