India’s TCS, Transamerica end $2 bln contract due to macro environment

BENGALURU: Indian information technology (IT) company Tata Consultancy Services said on Friday it has mutually agreed with insurance provider Transamerica to end a $2 billion contract, citing reasons including a challenging macro environment.

The 10-year contract, signed in early 2018, involved TCS working with U.S.-based Transameria to enable the digitization of more than 10 million policies into a single integrated platform.

Administration of those policies, including life insurance and retirement and investment solutions, will be moved to a new servicing model, which will take about 30 months, TCS said.