NEW DELHI: Tata Consultancy Services has bagged another big-ticket contract for the year, announcing on Tuesday that it has signed a over $690 million (Rs 4,410 crore) deal with UK-based M&G Prudential.
The M&G deal comes just a week after TCS bagged its most valued contract ($2.1 billion) with American insurer Transamerica and other major deals including television rating measurement firm Nielsen and British retailer Marks & Spencer. The latest contract with M&G will see it digitally transform M&G Prudential’s business and deliver enhanced service for its UK savings and retirement customers. “The value of this agreement exceeds GBP 500 million ($690 million) over 10 years and covers the support of over 4 million customer policies,” the firm said.
According to M&G Prudential, the administration of over four million life and pensions contracts will now move from Capita (Prudential’s business partner for over a decade) to TCS Diligenta. “About 1,100 Capita roles across a number of UK sites are expected to be transferred under the TUPE arrangements to Diligenta. Further, 700 roles in India are also expected to move from Capita to TCS,” the firm added. As far as full time roles are concerned, about 180 jobs located in London, Reading and Craigforth will also transfer under the TUPE arrangements from M&G Prudential to TCS.
Rajesh Gopinathan, CEO and MD at TCS, said the firm will bring its domain expertise in BFSI and strong record of managed policy administration. “TCS BaNCS platform will power digitised front, mid and back-office operations which will enable M&G Prudential to improve customer experience,” he added.