India?s largest IT software firm Tata Consultancy Services (TCS) said its UK subsidiary Diligenta, which provides business process outsourcing (BPO) services, has bagged two life and pension contracts worth ?250 million (around Rs 1,800 crore). The contracts come from the Phoenix Group and Old Mutual International following the transfer of Unisys Insurance Services (UISL) UK life and pensions services business to Diligenta.
Diligenta?s new contract with Phoenix Group has been extended by an additional six years until 2018 and both contracts will generate ?250 million in revenue for the company over that period, reinforcing Diligenta?s position as one of the largest BPO providers in the UK. With this, the number of policies Diligenta now administers will rise from 3.6 million to over 5 million.
?TCS set up Diligenta to specialise in the provision of BPO services for the UK life and pensions industry. These new wins further cement the company?s position amongst the largest providers of such services in the UK market and demonstrates our ability to closely partner with our customers,” Diligenta chairman and TCS executive director Phiroz Vandrevala said.
Diligenta recently announced a major IT transformation programme, migrating two million policies for Phoenix Group from numerous platforms onto the single TCS BaNCS system. The objective of the programme was to improve operational efficiency, with a view to enhancing customer experience.