TCS friends with Friends Life for $2.2 billion

Tata Consultancy Services, an India IT service provider announced on Wednesday that it's UK subsidiary Diligenta has signed a deal worth $2.2 billion (Rs 10,800 crore) with Friends Life, a pension provider in UK for over 15 years.

TCS's Diligenta is based in UK and provides services in pension and insurance industry.

The deal will be effective from March 1, 2012, where Diligenta will provide customer service and IT functions to Friends Life. Diligenta will maintain and administer database of Friends Life's 3.2 million policies of insurance, pensions and investment.

As part of the deal, about 1,900 Friends Life roles will transfer to Diligenta.

This is the second largest deal for TCS after it signed $2.5 billion deal with Citigroup in 2008. And, it is the fourth largest insurance deal in UK for Diligenta since its setup in 2005, after its deals with Pearl Group, Sun Life Financial Canada and Phoenix.

“Our strong presence in the insurance segment, track record and the early investments in building products and platforms have contributed to this win,” said N Chandrasekaran, CEO & MD, TCS.

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