Tata Consultancy Services, India's largest firm bagged a contract of $ 2 billion from US insurance and investment services firm Transamerica, reported PTI.
The contract involves transforming Transamerica's insurance and annuity business that is mainly based in the US. It is a multi-year contract that will generate more than 2 billion in revenue for TCS, said the company in its statement yesterday.
It is a partnership to enhance the company's digital capability and simplify the handling of its over 10 million policies on a single platform. This enhancement is estimated to lead to an annual run-rate savings of about USD 70 million at first and growing to USD 100 million over time.
TCS said that it will be offering the jobs to all applicable Transamerica employees supporting life insurance, annuity, supplemental health insurance, and workplace voluntary benefits business lines to ensure consistent customer experience and protect 2,200 American jobs (approx). The opportunities will be offered in the cities they are currently located.
It will also be hiring locally in Iowa as it plans to invest in Cedar Rapids, Iowa starting an insurance hub for business operations.
The deal will mark its entry into the highly specialized Third-Party Administration in US insurance marketplace and an opportunity for TCS BaNCS to establish itself as the formidable digital platform for US insurance industry.
TCS BaNCS has been a big player in the European market with over 17 million policies under administration.