India’s TCS to assist the UK’s Prudential enhance its services under a deal worth $690 million
Under an agreement between India’s Tata Consultancy Services (TCS) and the UK’s M&G Prudential, the Indian tech giant will manage the UK firm’s life and pension contracts. The agreement covers the support of over 4 million customer policies. TCS will administer more than 4 million life and pensions contracts, which were earlier managed by Prudential’s incumbent business partners.
The deal between India’s largest IT services company and the UK and European savings and investments business unit of Prudential Plc. is worth $690 million. Now, TCS will digitally transform Prudential’s business and deliver enhanced service for its UK savings and retirement customers.
Apart from this, about 1100 roles from the incumbent supplier across a number of UK sites are expected to be transferred to TCS’ FCA-regulated, UK subsidiary. A further 700 roles in India are also expected to move from the incumbent supplier to TCS. About 180 full-time roles in London, Reading and Craigforth will also transfer from M&G Prudential to TCS.
The Indian company will also manage Prudential’s internal IT infrastructure to enable Prudential the IT operations function to deliver greater flexibility in the provision of services to the businesses within the Prudential Group.
TCS CEO Rajesh Gopinathan said that TCS will propel this digital transformation through the company’s continuous investments in digital and technology services. TCS will also bring the combined strength and capabilities of its deep domain expertise in BFSI and TCS’ strong record of managed policy administration in the UK life & pension industry. He added that 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.
Chief Executive of M&G Prudential, John Foley said that strategic partnerships are an important part of its five-year plan to improve customer outcomes through the 250 million pound capital investment our shareholders are making in the business.