Capita Pensions has signed a contract extension with Pension Insurance Corporation plc (PIC), a UK based insurance company which specialises in securing the liabilities of defined benefit pension schemes.
The new contract extends the partnership beyond the initial five-year term, through to the end of September 2027.
Capita was awarded the extension following successful delivery of PIC’s customer service vision, particularly during the challenges of the global pandemic. A close partnership with PIC’s operations team resulted in a policyholder satisfaction score of 99.5%1 in the first half of 2020, up from the 99.1%2 in 2019, an increase which was achieved during an exceptionally tough period.
This quality of service helped PIC to maintain the ServiceMark with distinction accreditation, awarded by the Institute of Customer Service in December 2020. This accreditation independently recognises an organisation’s achievement in customer service and its commitment to upholding those standards.
During its partnership with PIC, Capita has developed a robust and scalable service delivery model which supports PIC’s market strategy, including a bespoke online portal designed for PIC’s policyholders.
Through the extension, Capita will continue to deliver full administration services for PIC policyholders, which it has done since December 2018, while also developing digital propositions to provide greater flexibility and an enhanced customer journey to PIC’s policyholders. This includes, for example, the use of voice analytics, providing the ability to analyse calls for key phrases and sentiment which can be utilised for training and process improvement.
Stuart Heatley, Managing Director of Capita Pensions, said: “I am thrilled we have extended our partnership so we can continue to offer PIC’s policyholders the best possible service. I am particularly proud of the way the team working on the PIC contract reacted to the outbreak of the pandemic early last year. They rapidly moved all colleagues to home working and re-routed telephones so call centre capabilities were maintained and excellent service continued.”
Matt Gore, Chief Operating Officer at PIC, said: “We are pleased to have extended our contract with Capita. The PIC team at Capita have provided excellent service for our policyholders within a tight overall framework overseen by PIC’s Board over the past two years, and especially during the pandemic. This work was a key factor in PIC being re-awarded the ServiceMark with distinction. Our very close working relationship is a key element of our market-leading customer service to trustees, sponsors and policyholders.”
Capita’s pensions business provides consulting, data and administration services across defined benefit and defined contribution pension schemes. This includes actuarial, investment, secretariat, member engagement, Master Trust solution, as well as the administration of the pensions of over 4.7 million members in the UK and Ireland.
[1] PIC’s half year results 2020.
[2] PIC’s full year results 2019.
