TCS bags $700-million deal from UK insurance services provider
1 min read . Updated: 08 Feb 2023, 11:07 AM IST
PremiumTCS has secured its largest UK deal in three years with a new agreement with an insurance services provider.
With a new arrangement with an insurance services provider, Tata Consultancy Services (TCS) has secured its largest UK transaction in three years. The digital transformation of Phoenix Group Holdings’ product offering would cost more than £600 million ($723 million), according to a February 8 statement from TCS.
The Phoenix Group already uses some services from TCS, which claims that the partnership's extension will make the UK business more competitive.
As part of the agreement, Asia's largest outsourcer will incorporate ReAssure's historical operations onto its primary financial services platform. Phoenix owns ReAssure. The three million insurance under ReAssure will be serviced and administered by a TCS division in the UK.
Given uncertainty regarding the economic prospects in 2023, Indian software services companies like TCS are preparing for a slowdown in tech spending. Although TCS is optimistic about business prospects in the UK, the Russia-Ukraine war, which is in its second year, and skyrocketing prices have soured the atmosphere across Europe.
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“If you look at Europe there is obviously a real big issue out there," TCS Chief Executive Officer Rajesh Gopinathan said last month. “But if you look at North America and UK, the environment there is very different, very supportive."
TCS was previously listed as one of the World's Most Admired Companies in FORTUNE magazine. The list, used as a gauge of corporate reputation, is based on a poll of global business executives, directors and analysts. Companies are assessed using factors including innovation, social responsibility, management capacity, global competitiveness, personnel management and product/service calibre.
“TCS is honoured to be included in Fortune Magazine's list of the World’s Most Admired Companies, especially since we share this accolade with many of our clients," Suresh Muthuswami, Chairman - TCS North America said upon receving the honour. “This recognition is an outcome of the longer-term, purpose-driven partnerships we have built with our clients, communities and all other stakeholders."
(With agency inputs)
