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Tata Consultancy Services said that its subsidiary Diligenta has bagged a multi-million pound deal to support the international operations of London-based Friends Life Management Services.
As part of this multi-year engagement, Diligenta would implement the TCS BaNCS core platform at Friends Life in Asia Pacific and West Asia.
John Van Der Wielen, CEO - International of Friends Life, said: “This new deal will enable us to streamline our systems, improve services to our customers and put us in a strong position to continue growing new business.”
Specific financial details of the deal were not disclosed.
The UK-headquartered Diligenta was established in 2005 to provide back-office services for the country’s Life and Pensions industry. It was launched after TCS acquired it from the erstwhile Pearl Group (now rechristened Phoenix Group), under a 12-year £486-million business process outsourcing deal that the two struck in October 2005. It currently administers about 6.5 million live policies on behalf of its clients, according to a statement. Diligenta Ltd had reported a net profit of ₹259 crore on revenue of ₹2,638 crore in 2013-14, according to the company’s annual report.
The Banking, Financial Services and Insurance domain contributed 41.7 per cent to TCS’ revenue for the three months ended June 30.
Shares of TCS were down by 1.93 per cent to close at ₹2,438.35 on the Bombay Stock Exchange today.
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