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 ($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.