TCS scores $700 million deal to digitize UK insurer’s products

MUMBAI: Tata Consultancy Services Ltd has secured its largest UK deal in three years with a new agreement with an insurance services provider.

London-based Phoenix Group Holdings Plc has agreed to a contract worth more than £600 million ($723 million) to digitally transform its product offering, TCS said in a statement on Wednesday.

As part of the deal, Asia’s biggest outsourcer will integrate Phoenix-owned life and pensions provider ReAssure’s heritage business on its core financial services platform. A TCS unit in the UK will also manage customer administration and servicing of ReAssure’s 3 million policies.