The Economic Times - November 15, 2019
TCS 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.
Earlier this week, TCS expanded its contract with Phoenix Group, a long-term client, to include open book policies. The deal expansion is worth over $2 billion, an industry source said. In 2018, TCS won an over $2 billion deal with Trans-America in the United States.
“Currently, we have about 4 million open active policies; now with this deal (expanded Phoenix Group project), we will take it to over 7.5 million policies. So, we are changing the nature of our business, we are changing the way we go to market,” Suresh Muthuswami, President of TCS’ BFSI Platforms business, told ET.
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