 Mumbai:
Tata Consultancy Services Ltd (TCS) is entering the
life insurance and pension market in the UK through
a separate fully owned subsidiary. Based at Peterborough,
this new business will begin by taking over the business
of the UK-based Pearl Group Ltd.
TCS
has been in discussions with the closed fund group Pearl
for over a year and it has now finally entered into
a 12-year contract valued at over 480 million pounds
($847 million).
The
new company will specialise in BPO for life and pension
businesses starting with Pearl Group''s closed books
portfolio. It will also focus on offering similar services
to other life companies, presenting it with an opportunity
for significant future growth as business process outsourcing
(BPO) is rolled out across the life assurance industry.
TCS
said that as per the initial discussion with Pearl,
it has been decided that the new TCS subsidiary company
will employ about 950 of Pearl Group''s existing 1,100
staff with about 150 staying back with Pearl.
Commenting
on this strategic initiative, S Ramadorai, CEO and managing
director of TCS said, ''''this deal validates our strategy
of pioneering the next generation of business process
outsourcing opportunities.
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