Tata Consultancy Services (TCS) on Tuesday announced that it bagged a USD 690 million deal from M&G Prudential, the UK and European savings and investments business of Prudential plc to digitally transform the latter's business and deliver enhanced service for its customers.
The administration of over four million life and pension contracts will move from Prudential's incumbent business partner to TCS which is the market leader in UK life and pension administration, having transferred more than 17 million policies to its digital platform, TCS BaNCS.
"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. This partnership with TCS is an essential element of our strategy to create a digitally-enabled business. Our customers will receive a better service - day in, day out - as a result and our colleagues will be better equipped to provide that service," said John Foley, Chief Executive of M&G Prudential.
About 1,100 roles from the incumbent supplier across a number of UK sites are expected to be transferred under the TUPE arrangements to TCS' FCA-regulated, UK subsidiary. A further 700 roles in India are also expected to move from the incumbent supplier to TCS.
TCS will also assume responsibility for the operation of some of Prudential's internal IT infrastructure to enable the IT operations function to deliver greater flexibility in the provision of services to the businesses within the Prudential Group. This move will enable Prudential to focus efficiently on its digital transformation. About 180 full-time roles In London, Reading and Craigforth will also be transferred under the TUPE arrangements from M&G Prudential to TCS.
"We will propel this digital transformation through TCS' continuous investments in digital and technology services. We will also bring the combined strength and capabilities of our deep domain expertise in BFSI and TCS' strong record of managed policy administration in the UK life and pension industry. 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," said Rajesh Gopinathan, CEO and MD, TCS.