TCS subsidiary bags $2.2 billion contract

Mumbai : Britain-based business process outsourcing (BPO) service provider and subsidiary of India’s largest software company Tata Consultancy Services (TCS) Diligenta Wednesday said it had won a 15-year contract worth $2.2 billion from financial firm Friends Life.

“It (Diligenta) will assume administrative responsibility for 3.2 million policies for Friends Life, a provider of pensions, investment and insurance,” TCS said in a regulatory filing.

The agreement is effective from March 1, 2012.

“Our strong presence in the insurance segment, track record and the early investments in building products and platforms have contributed to this win,” said N. Chandrasekaran chief executive officer and managing director of TCS and chairman of Diligenta.

As a result of this new arrangement, approximately 1,900 Friends Life roles across a number of office locations in Britain will transfer under their existing terms of employment to Diligenta.

“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,” said Andy Briggs, chief executive of Friends Life.

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