LEADING global IT services, consulting and business solutions organisation, Tata Consultancy Services (TCS), have expanded their agreement with M&G Prudential, the UK and European savings and investments business of Prudential plc.
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 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 ($668 million USD) over the term of the contract.
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.
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.”
Suresh Muthuswami, president and global head, Banking, Financial Services and Insurance Platform, TCS said, “Earlier this year, we embarked on a journey to digitally transform and provide an enhanced service for M&G Prudential customers. We are delighted to have expanded this partnership which will help accelerate the growth agenda for M&G Prudential. We remain committed to delivering greater speed, agility, and flexibility through our BFSI Digital Platform.”
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.”
Around 400 roles from M&G Prudential across a number of UK sites are expected to be transferred under the TUPE arrangements to TCS’ FCA-regulated, UK subsidiary. A further 183 roles in India are also expected to move from M&G Prudential to TCS.
As the fastest growing IT services brand in the world, TCS is one of UK’s largest digital employers and works in partnership with businesses, the public sector, and communities throughout the UK. This year TCS was recognized as Britain’s Top Employer and as one of the world’s best employers by the Top Employer Institute. TCS has also been named number one for customer satisfaction in the UK by the White lane Study – one of the country’s largest independent report of IT service providers.