TCS expands deal with M&G Prudential; contract now worth over $1.2 billion

Tata Consultancy Services said it has expanded its deal with M&G Prudential that will take the deal value to over $1.2 billion in ten years.

In January, TCS had announced a $690 million deal with the insurer to move the administration of 4 million customer policies to the IT company. The deal has been expanded to include an additional 1.8 million contracts and is worth an additional $668 million over the term of the contract.

“Earlier this year, we embarked on a journey to digitally transform and provide an enhanced service for M&G Prudential customers. 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, TCS said in a statement.

TCS will also take on more M&G Prudential employees as part of the expanded deal. About 400 employees in the UK and 183 employees in India will be moved to TCS. The company had previously announced that 1100 roles in the UK and 700 roles in India would be transferred.