Aviva gone, EXL to talk to other insurers
BPO firm EXL Services plans to intiate talks with a number of insurance companies following the end of its build-operate-transfer (BOT) contract with UK insurance major, Aviva, last week.
By ET Bureau |
MUMBAI: BPO firm EXL Services plans to intiate talks with a number of insurance companies following the end of its build-operate-transfer (BOT) contract with UK insurance major, Aviva, last week. Close to 1,200 employees that were on its rolls under the BOT contract will now be transferred to Aviva Global Services (Aviva GS), which has been sold to WNS Global Services, after a bidding process.
���We were contractually obiligated not to work with any of Aviva���s competitors in Europe under the BOT contract. With the BOT now getting transferred, EXL is free to take on work from any other insurance players,��� EXL chief operating officer Rohit Kapoor told ET.
Aviva is the world���s fifth largest insurance group. Mr Kapoor said the company has around 16 insurance clients in the US but only one, Aviva, in the UK because of this clause.
EXL gets over 40% of its revenues from insurance, the largest among any of the significant third party BPO players in the country. WNS Global Services, which ranks as the second largest third party BPO according to the latest Nasscom rankings, does not disclose insurance revenues separately but gets about 34% of its reveneus from the banking, financial services and insurance (BFSI) segment.
EXL���s revenues for the March 2008 quarter were about $ 50.9 million, and that of WNS, $ 116.2 million. About 22% of EXL���s revenues in the March 2008 quarter came from Aviva.
EXL, in which Aviva is also holds a stake, however, continues to be customer, and the BPO firm announced that another contract being serviced from its Noida facility, has been renewed for up to January 2012. The value of this contract is estimated to be around $ 15 million annually.
Aviva���s relationship with its other major vendor in India, 24x7, comes to an end following the exercise of the transfer option. WNS will have the exclusive rights for all outsourcing contracts from Aviva UK and Aviva Canada.
���We were contractually obiligated not to work with any of Aviva���s competitors in Europe under the BOT contract. With the BOT now getting transferred, EXL is free to take on work from any other insurance players,��� EXL chief operating officer Rohit Kapoor told ET.
Aviva is the world���s fifth largest insurance group. Mr Kapoor said the company has around 16 insurance clients in the US but only one, Aviva, in the UK because of this clause.
EXL gets over 40% of its revenues from insurance, the largest among any of the significant third party BPO players in the country. WNS Global Services, which ranks as the second largest third party BPO according to the latest Nasscom rankings, does not disclose insurance revenues separately but gets about 34% of its reveneus from the banking, financial services and insurance (BFSI) segment.
EXL���s revenues for the March 2008 quarter were about $ 50.9 million, and that of WNS, $ 116.2 million. About 22% of EXL���s revenues in the March 2008 quarter came from Aviva.
EXL, in which Aviva is also holds a stake, however, continues to be customer, and the BPO firm announced that another contract being serviced from its Noida facility, has been renewed for up to January 2012. The value of this contract is estimated to be around $ 15 million annually.
Aviva���s relationship with its other major vendor in India, 24x7, comes to an end following the exercise of the transfer option. WNS will have the exclusive rights for all outsourcing contracts from Aviva UK and Aviva Canada.
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