TCS to take insurance platform places

Tata Consultancy Services is doubling down on its insurance platform — which has already won more than $5 billion in business in the last two years — and is looking at newer markets in Continental Europe to expand.

The Indian IT servicesNSE 0.32 % leader’s mega insurance wins first came in the UK market, through its Diligenta unit, which initially focused on managing closed-book business — pools in which no new insurance policies are issued. Managing a closed book typically means the contract will end after all the policies run out, though that can take years. TCSNSE 0.45 % is now focusing on the open-book business, so that new policies constantly replenish old ones and the number of policies being managed continues to grow.