Pension and life insurance company AEGON has signed a ten year contract with Serco to provide business process outsourcing in a deal worth £170 million.

The deal comes as AEGON moves to increase its market share against rivals including Capita and TCS.

The contract will see the outsourcing of customer contact and support services including claims management through a cloud based infrastructure.

Adrian Grace, UK CEO of AEGON, said: “Our new partnership with Serco will add further impetus to our developing and highly successful protection business”.