TCS bags biggest-ever deal from Transamerica
TATA Consultancy Services (TCS) said it has bagged a deal worth more than USD 2 billion from the US insurance group Transamerica, marking its largest contract to date. The contract, which entails transforming Transamerica’s US insurance and annuity business lines, comes close on the heels of a mega deal TCS had clinched from television rating measurement firm Nielsen.
“The multi-year agreement (with Transamerica) is worth more than USD 2 billion in revenues, the largest contract signed by TCS to date,”TCS said in a statement. The partnership enables Transamerica to rapidly enhance its digital capabilities, simplify the service of more than 10 million policies into a single integrated modern platform, it added.
The announcement comes a day after TCS reported 3.6 per cent fall its its net profit to Rs 6,531 crore in the December 2017 quarter. “TCS will provide valuable administration and quality customer service, and Transamerica will continue to engage with our customers, clients and advisors in the most meaningful ways to them by utilising our digital engagement platforms and developing new solutions that help people save, protect, invest and retire,”Mark Mullin, Transamerica President and CEO, said. The agreement is expected to lead to annual run-rate savings of about USD 70 million initially –growing to USD 100 million over time –for Transamerica, the statement said.
TCS said it will make job offers to all of the applicable Transamerica employees currently supporting the life insurance, annuity, supplemental health insurance, and workplace voluntary benefits business lines. This, it said, will ensure “a consistently excellent experience for Transamerica customers and protecting approximately 2,200 American jobs”. It added that employees transitioning to TCS will be given the opportunity to remain in the same US cities where they are currently based.
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