NFU Mutual and Genpact have agreed a long-term partnership to deliver enhanced NFU Mutual advised and direct-to-consumer offerings, powered by Genpact's OpenWealth business process as a service (BPaaS) solution.
Genpact OpenWealth provides an efficient end-to-end platform for wealth managers, allowing them to focus on raising assets and managing investor relationships, while delegating non-core administrative processing. Genpact's OpenWealth solution leverages Bravura's next generation wealth technology Sonata, providing a functionally rich and intuitive, scalable and interoperable system. Genpact's OpenWealth services are delivered from its U.K. center of excellence in Glasgow.
"This partnership with Genpact will help deliver enhanced and innovative services for our customers and advisers," says Nick Turner, Sales and Agency Director at NFU Mutual. "We chose Genpact for a variety of reasons: deep expertise in UK wealth administration, use of next generation technology, strong operational culture, an ability to incorporate advanced technologies into its end-to-end processes, stability and security."
"We are excited to form a long-term partnership with an organisation of the caliber of NFU Mutual, one of the U.K.'s oldest and most successful mutual companies and a top retail financial services brand," says Scott Lee, Genpact Head of OpenWealth, Europe. "The combination of our strong platform, domain expertise, financial strength, and heritage as a service provider positions us well to support NFU Mutual's strategy. In addition, our values are strongly aligned and we look forward to enabling the continuation of NFU Mutual's first class customer service."
NFU Mutual focuses on the financial needs of the farming and rural community. Operating primarily through a local network of agents and financial planners, NFU Mutual provides financial planning services to over 950,000 of its customers throughout the United Kingdom.
Genpact's OpenWealth business provides end-to-end business process as a service, including technology and process execution support for account opening, transfers, portfolio construction, rebalancing, trading, product administration, accounting and controls, customer, business and regulatory reporting, and compliance management. Based on a flexible and open architecture, its core technology platform for the U.K. market features a single chassis for all asset types, the ability to administer a client-centric view for all accounts and tax wrappers, and highly configurable support for multiple engagement types.