BPO service provider Diligenta, the UK unit of India's largest software services firm Tata Consultancy Services (TCS), has won a $2.2-billion order to provide back-end administartion of pensions and insurance policies issued by UK-based Friends Life.
A group firm of salt-to-software Tata Group, TCS's shares rose nearly 3 per cent following the announcement.
The agreement, effective 1 March 2012, is spread over a 15-year period, TCS said in a statement.
Diligenta will assume administrative responsibility for 3.2 million policies for Friends Life.
This major contract reflects Diligenta's proven expertise in the life and pensions industry and will increase the total number of policies administered by Diligenta to just under 8 million, the statement said.
Outsourcing much of its customer service and IT functions for its UK heritage business will allow Friends Life to focus on its new proposition developments, including its new corporate platform, in its core markets of corporate benefits, protection and retirement income, it added.