We are on track to administer 1 million Child Trust Fund accounts, 50% faster with
30% savings.
In preparation for the launch of the new Government Child Trust Fund initiative, The Children’s Mutual
appointed Capita to develop a system to administer the new funds, from customer application
right through to compliance.
"We took responsibility for setting up a new joint service infrastructure that
could efficiently process charge-capped products, such as the new Child Trust Funds,"
explains Nigel Purveur, Managing Director of Capita Life & Pensions Services’
South West Operations.
"Within just 10 months, we developed a completely
new policy administration system ready for the launch of the new funds. The Children’s Mutual
developed the product while we provided the administration and IT expertise to create
a unique end-to-end service including customer service, IT, finance, HR, actuarial
and compliance."
At the same time, we also took over the administration of The Children’s Mutual’s existing
portfolio of policies. The client’s existing services were transferred from Tunbridge Wells
to our Barnwood site within 12 months. This involved end-to-end business transformation
and service provision to support a portfolio of 500,000 existing insurance plans.
Since then, service levels have been enhanced dramatically. Costs are down by 30% and
clerical productivity is 50% higher than in a traditional life and pensions processing
area. Over 85% of applications are now processed without any manual intervention.
The partnership was boosted in November 2007, when Asda chose Capita and The Children’s Mutual
to provide its Child Trust Fund. The transfer of services, including new business,
contact centre and back-office administration was seamless and took just 8 weeks. Capita
is now on track to administer 1 million Child Trust Fund accounts on behalf of The Children’s Mutual
in 2009.
David White, Chief Executive of The Children’s Mutual, confirms the partnership’s value:" Capita’s
ability to provide advanced administration and customer contact services to its wide
range of clients – and its commitment to extending these service models to our valued
customers – continues to impress us."
