TCS bags over $690 million deal from M&G Prudential
Under the contract, TCS will digitally transform M&G Prudential’s business and deliver enhanced service for its UK savings and retirement customers.business Updated: Jan 16, 2018 18:00 IST
India’s largest IT services firm Tata Consultancy Services (TCS) on Tuesday said it has signed an over GBP 500 million ($690 million) deal with M&G Prudential, the UK and European savings and investments business of Prudential plc.
Under the contract, TCS will digitally transform M&G Prudential’s business and deliver enhanced service for its UK savings and retirement customers, TCS said in a statement.
“The value of this agreement exceeds GBP 500 million (USD 690 million) over 10 years and covers the support of over 4 million customer policies,” it added.
TCS has over the last few weeks announced a slew of large client wins including American insurer Transamerica (over $2 billion), television rating measurement firm Nielsen and British retailer Marks & Spencer.
According to a statement by M&G Prudential, the administration of over four million life and pensions contracts will move from Capita (Prudential’s business partner for last 10 years) 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. A further 700 roles in India are also expected to move from Capita to TCS,” it added.
Besides, about 180 full-time roles in London, Reading and Craigforth will also transfer under the TUPE arrangements from M&G Prudential to TCS, as per the M&G Prudential statement.
John Foley, Chief Executive of M&G Prudential, said, “Strategic partnerships are an important part of our five-year plan to improve customer outcomes through the GBP 250 million capital investment our shareholders are making in the business.”
He added that its customers will receive “a better service - day in, day out - as a result and our colleagues will be better equipped to provide that service”.
Rajesh Gopinathan, CEO and MD at TCS, said the company will bring its deep domain expertise in BFSI and strong record of managed policy administration to the partnership.
“In addition, TCS’ BaNCS platform will power digitised front, mid and back-office operations which will enable M&G Prudential to become more agile and improve customer experience,” he added.
M&G Prudential has total assets under management of GBP 337 billion, (as on June 30, 2017) and has more than 7 million customers.
Over the next five years, M&G Prudential’s shareholders will be investing GBP 250 million of shareholder capital into a series of transformation programmes to create a simple, modern, customer-centric savings and investments business.
Shares of TCS on Tuesday closed at Rs 2,855 apiece, up 3.92% from its previous close on BSE.