HCL IBS has won a $200 million contract from Equitable Life Assurance Society to

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provide finance, call centre and policy management services to the UK-based firm. From March 2011, HCL will administer Equitable Life policies and the agreement will run till the last policy ends, in about 30 years.

In a statement, Equitable said this would result in substantial cost savings for the company—about eight million pounds in the first full year. Equitable expects to reduce its costs by £100 million in the future.

The transfer will place over half-a-million policies under administration with HCL IBS. “HCL has an impressive reputation and they will provide great service and value. I want to help restore policyholders’ savings,” chief executive of Equitable Life, Chris Wiscarson said in the statement.

Senior vice president, HCL Technologies, Stuart Drew said, “We look forward to welcoming the Lloyds Banking Group staff who work on the Equitable Life account to HCL as well as a small number of Equitable Life’s own staff. We plan to develop the scope of their work to encompass other financial services clients.”