Software services major Tata Consultancy Services (TCS) on Tuesday said it has expanded its agreement with M&G Prudential, which will expand the deal size to more than $1.2 billion.
TCS had announced its 10-year partnership with M&G Prudential in January this year, which was worth $690 million. Under the deal, the administration of over four million life and pensions contracts were moved from Capita (Prudential's previous partner) to TCS' Diligenta.
"The agreement has now been expanded to cover an additional 1.8 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 pounds ($668 million) over the term of the contract," TCS said in a statement today.
Another 183 roles in India are also expected to move from M&G Prudential to TCS, the statement said.
Over the last few months, TCS has announced a slew of large client wins including American insurer Transamerica (over $2 billion), television rating measurement firm Nielsen ($2.25 billion) and British retailer Marks & Spencer.
"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...," Prudential UK Chief Executive Clare Bousfield said.
Suresh Muthuswami, President and Global Head (Banking, Financial Services and Insurance Platform) at TCS said the company remains committed to deliver greater speed, agility and flexibility through its BFSI digital platform.
M&G Prudential is the UK and European savings and investments business of Prudential plc, the global financial services company.
In March this year, Prudential plc announced its intention to demerge its UK and Europe business (M&G Prudential), resulting in two separately-listed companies with different investment characteristics and opportunities.
M&G Prudential has total assets under management of 351 billion pounds, at the end of December 2017 and has more than seven million customers. Over the next five years, M&G Prudential's shareholders will be investing 250 million pounds of shareholder capital into a series of transformation programmes to create a simple, modern, customer-centric savings and investments business.