WNS completes successful 'Build-Operate-Transfer' of Finance & Accounting Services Unit for Aviva Global Services
WNS (Holdings) Limited (NYSE:WNS), the parent company of WNS Global Services, a leading offshore business process outsourcing (BPO) provider, today announced it has demonstrated the successful completion of a unique outsourcing model with the handover of a Finance and Accounting Services unit in Sri Lanka to AVIVA, the world's fifth-largest insurance group and U.K's largest insurance service provider. Under a "Build, Operate, Transfer" (BOT) Model, more than 300 WNS specialists were seamlessly transferred to Aviva Global Services in Colombo as of July 2, 2007.
-- WNS (Holdings) Limited (NYSE:WNS), the parent company of WNS Global Services, a leading offshore business process outsourcing (BPO) provider, today announced it has demonstrated the successful completion of a unique outsourcing model with the handover of a Finance and Accounting Services unit in Sri Lanka to AVIVA, the world’s fifth-largest insurance group and U.K’s largest insurance service provider. Under a “Build, Operate, Transfer” (BOT) Model, more than 300 WNS specialists were seamlessly transferred to Aviva Global Services in Colombo as of July 2, 2007.
Aviva initiated its offshore business process strategy in partnership with three business process outsourcing (BPO) providers including WNS. Aviva’s contract tasked WNS with building the Finance and Accounting services unit, running it for 3 years before transferring it to Aviva. The successful transition of the former WNS finance and accounting specialists to Aviva marks a momentous achievement since the sheer size and scale of such a transfer is unprecedented in the business process services industry.
“WNS is proud of its association with Aviva Global Services, and is extremely pleased that our “Build, Operate, Transfer” contract delivered the promised efficiencies, said Eric Selvadurai, CEO, Enterprise Services, WNS Global Services. “The partnership with Aviva is a great example of how all the benefits of the BOT model have been delivered. A BOT arrangement is an excellent way for companies to launch their offshore strategy, while sharing their risk with a trusted partner with deep industry knowledge and an understanding of the local operating environment. The BOT model is also one example of the flexible, customized solutions clients receive when working with WNS.”
Commenting on the transfer, Rajnish Virmani, CEO, Aviva Global Services, said, “The successful transfer from WNS is a matter of great pride for us. The transfer of operations in Sri Lanka marks a key step in the execution of a well-developed offshoring strategy for Aviva. A critical success factor is the close relationship we have developed with WNS. Our BOT contract with WNS enabled Aviva to ramp up rapidly and gain ‘speed to market’.”
The Sri Lankan operations boasts a team of more than 300 qualified finance and accounting professionals, most of whom are either in the process of acquiring their CIMA (Chartered Institute of Management Accounting) / ACCA / ICA certification or are already CIMA / ACCA / ICA certified professionals. These certifications are received after several years of rigorous course work and examination.
Second only to the UK, Sri Lanka has the highest number of CIMA accounting and finance professionals in the world, making Colombo one of the preferred choice for the “Finance and Accounting Center of Excellence”. The Sri Lankan operation has been providing knowledge process-outsourcing services, such as high-end finance and accounting, to Aviva’s business units divisions, including Norwich Union Life, Norwich Union Insurance, and Aviva Corporate Finance.
“In a very short time, this BOT model saw the shift of work to high end accounting services from less specialized, transactional tasks, enabling the creation of an alternate career track for the Finance & Accounting (F&A) services professional,” said Dushan Soza, Managing Director WNS Sri Lanka. “The Sri Lanka centre, housing a ‘Finance and Accounting Centre of Excellence’ is a world class operation, and we were committed to managing a smooth transition for Aviva.”
Notes to Editor
About WNS
WNS is a leading provider of offshore business process outsourcing, or BPO, services. We provide complex business process and analytical services that are underpinned by our expertise in our target industry sectors. We transfer the delivery of the business processes of our clients, which are typically companies located in Europe and North America, to our global delivery centers. . We provide high quality execution of client processes, monitor these processes against multiple performance metrics, and seek to improve them on an ongoing basis.
WNS ADSs are listed on the New York Stock Exchange. For more information, please visit our website at www.wnsgs.com.
About Aviva
Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world’s fifth largest insurance group based on gross worldwide premiums at 31 December 2005. Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.
Aviva Global Services (AGS) is the business process outsourcing and IT offshoring arm of Aviva plc. Its mission is to drive value for Aviva business units through off shore shared services by delivering excellent customer satisfaction more efficiently through its Built, Operate and Transfer (BOT) business model and outsourced operations.