The UK-based business process outsourcing subsidiary of Tata Consultancy Services, Diligenta, today announced that it has signed a $2.2 billion, 15-year deal with financial firm Friends Life.
The deal will come in to effect from March 1, 2012. Under the agreement, Diligenta will assume administrative responsibility for 3.2 million policies on behalf of Friend Life, which provides pension, investment and insurance services, TCS said in a statement.
"Our strong presence in the insurance segment, track record and the early investments in building products and platform have contributed to this win. We are pleased to partner with Friends Life in this large transformation journey," TCS MD and Diligenta Chairman N Chandrasekaran said. This deal will take the total number of policies administered by Diligenta to close to eight million. TCS said as a result of this new arrangement, a total of approximately 1,900 roles at Friends Life across a number of office locations in the UK will be transferred under their existing terms of employment to Diligenta. All individuals that are transferred will continue to service Friends Life's customers, ensuring both continuity of service delivery and expertise, it added.
"The long-term partnership we are announcing with Diligenta gives our business the speed and flexibility to efficiently deliver the right solutions for our distributors and their clients," Friends Life Chief Executive Andy Briggs said.
TCS shares were being quoted 1.77 per cent higher at Rs 1,123 a piece in afternoon trade on the BSE.