TCS expands partnership with M&G Prudential, pact worth nearly $1.2 billion

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Tata Consultancy Services (TCS), India’s biggest software exporter, has expanded its agreement with M&G Prudential (UK and European savings and investments business of Prudential plc), which will likely to expand the pact size to more than $1.2 billion. Earlier in January 2018, TCS had announced its 10-year partnership with M&G Prudential which was worth $690 million.

“We are delighted to have expanded this partnership which will help accelerate the growth agenda for M&G Prudential,” Suresh Muthuswami, President and Global Head, Banking, Financial Services and Insurance Platform, said in a statement.

The agreement according to the TCS statement:

  • The agreement has now been expanded to cover an additional 1.8 million customer policies which will move from M&G Prudential to TCS.
  • This will eventually bring the total number of policies covered by the partnership to 5.8 million.
  • The addition of no of policies will worth an additional $668 million over the term of the contract today.
  • TCS will take nearly around 400 employees from M&G Prudential across a number of UK sites under the TUPE (transfer of undertakings) arrangements to the TCS’ UK subsidiary.
  • Another 183 employees in India are also expected to move from M&G Prudential to TCS.

“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…,” Prudential UK Chief Executive Clare Bousfield said.

Muthuswami, said the company remains committed to deliver greater speed, agility and flexibility through its BFSI (Banking, Financial services and Insurance) digital platform.