Jun 12: Tech major Tata Consultancy Services (TCS) on Tuesday announced that it has expanded its agreement with M&G Prudential, the UK and European savings and investments business of Prudential Plc, a global financial services company.
According to the company, the 10 year partnership, which was announced in January 2018, aimed to digitally transform M&G Prudential’s business and deliver an enhanced service for its UK savings and retirement customers. The agreement has now been expanded to cover an additional1.8 million customer policies which will move from M&G Prudential to TCS, bringing the total number of policies covered by the partnership to 5.8 million, and is worth an additional £500 million ($668 million USD) over the term of the contract, it said.
“The expanded partnership further cements TCS’ position as the market leader in UK life and pension administration, with more than 18 million policies being administered by its BFSI Digital Platform, powered by TCS BaNCS,” the company added.
Commenting on the development, Clare Bousfield, Chief Executive, Prudential UK, said, “as we move towards an independent M&G Prudential, we continue to transform our business to keep pace with the needs of our customers. We are confident that extending our strategic partnership is the right thing to do. Our customers will benefit from a better experience, digitally enhanced systems, tools and service, while the colleagues who have been central to our success in servicing our customers will join a rapidly growing business and have access to many opportunities that being part of a world leading IT services company can deliver.”
According to Shankar Narayanan, Head of UK & Ireland, TCS said: “We look forward to welcoming M&G Prudential employees and integrating them into our global workforce. Ranked Britain’s Top Employer, TCS offers exciting career opportunities and a supportive environment that helps our employees realize their potential, while supporting our customers in the UK with a phenomenal talent pool with deep expertise in Life and Pensions Administration.”