LONDON l MUMBAI, June 12, 2018 – Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization has expanded its agreement with M&G Prudential, the UK and European savings and investments business of Prudential plc.
The 10 year partnership, which was announced in January 2018, aimed to digitally transform M&G Prudential’s business and deliver an enhanced service for its UK savings and retirement customers. The agreement has now been expanded to cover an additional 1.8 million customer policies which will move from M&G Prudential to TCS, bringing the total number of policies covered by the partnership to 5.8 million, and is worth an additional £500 million ($668 million USD) over the term of the contract.
The expanded partnership further cements TCS’ position as the market leader in UK life and pension administration, with more than 18 million policies being administered by its BFSI Digital Platform, powered by TCS BaNCS.
Clare Bousfield, Chief Executive, Prudential UK, said: “As we move towards an independent M&G Prudential we continue to transform our business to keep pace with the needs of our customers. We are confident that extending our strategic partnership is the right thing to do. Our customers will benefit from a better experience, digitally enhanced systems, tools and service, while the colleagues who have been central to our success in servicing our customers will join a rapidly growing business and have access to many opportunities that being part of a world leading IT services company can deliver.”
Suresh Muthuswami, President and Global Head, Banking, Financial Services and Insurance Platform, TCS said: "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. We remain committed to deliver greater speed, agility and flexibility through our BFSI Digital Platform.”
Shankar Narayanan, Head of UK & Ireland, TCS said: "We look forward to welcoming M&G Prudential employees and integrating them into our global workforce. Ranked Britain's Top Employer, TCS offers exciting career opportunities and a supportive environment that helps our employees realize their potential, while supporting our customers in the UK with a phenomenal talent pool with deep expertise in Life and Pensions Administration."
Around 400 roles from M&G Prudential across a number of UK sites are expected to be transferred under the TUPE arrangements to TCS’ FCA-regulated, UK subsidiary. A further 183 roles in India are also expected to move from M&G Prudential to TCS.
As the fastest growing IT services brand in the world, TCS is one of UK’s largest digital employers and works in partnership with businesses, the public sector and communities throughout the UK. This year TCS was recognized as Britain’s Top Employer and as one of world’s best employers by the Top Employer Institute. TCS has also been named number one for customer satisfaction in the UK by the White lane Study - one of the country’s largest independent report of IT service providers.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 394,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $ 19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
About M&G Prudential
M&G Prudential is the UK and European savings and investments business of Prudential plc, the global financial services company. On 14 March 2018 Prudential plc announced its intention to demerge its UK & Europe business ('M&G Prudential') from Prudential plc, resulting in two separately-listed companies with different investment characteristics and opportunities. On completion of the demerger, shareholders will hold interests in both Prudential plc and M&G Prudential.
M&G Prudential has total assets under management of £351 billion, as at 31 December 2017 and has more than 7 million customers. Over the next five years, M&G Prudential’s shareholders will be investing £250 million of shareholder capital into a series of transformation programmes to create a simple, modern, customer-centric savings and investments business.
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