Australian insurance major Suncorp has given out the majority portion of the order worth $220 million to WNS for end-to-end insurance outsourcing, sources privy to the matter said.
The country's largest BPO firm, Genpact, will do finance and accounting for Suncorp, the sources added.
This is the largest contract for the Indian BPO industry after WNS won a $228-million contract from UK-based Aviva in 2008 for all in-scope services related to Aviva's life and general insurance businesses in the UK and Canada.
Though both WNS and Genpact declined to comment, the sources said that Suncorp plans to consolidate and globalise its services through this contract. It aims to set up a $300-400 million onshore facility in Australia that will generate 3,000 jobs in that country. Further, the company will also offshore 2,000 jobs to India.
Information services company TPI did the due diligence for the deal, which is said to be the largest outsourcing deals from Australia.
Information technology majors Infosys and Accenture, besides BPO firm EXL, were all in the race for the order, which will see up to 2,000 jobs outsourced.
According to IT-BPO industry body Nasscom, domestic BPO segment is expected to grow by 16.9% in FY11, to reach Rs 12,700 crore, driven by demand from voice-based services, in addition to adoption from emerging verticals, new customer segments, and value-based transformational outsourcing platforms.
The end-to-end insurance contract to WNS is for a period of five to seven years.