Tata Consultancy Services (TCS) announced in its press release about a new agreement with M&G Prudential, the UK and European savings and investments business of Prudential plc, to digitally transform business and deliver enhanced service for its UK savings and retirement customers.
The value of the agreement exceeds £500million (USD 690 million) over ten years and covers the support of over 4 million customer policies.
John Foley, Chief Executive of M&G Prudential, said: "Strategic partnerships are an important part of our five-year plan to improve customer outcomes through the £250 million capital investment our shareholders are making in the business.
"This partnership with TCS is an essential element of our strategy to create a digitally-enabled business. Our customers will receive a better service - day in, day out - as a result, and our colleagues will be better equipped to provide that service."
The administration of over 4 million life and pensions contracts will move to TCS from Prudential's incumbent business partner. About 1,100 roles from the supplier across UK sites are expected to be transferred under the TUPE arrangements to TCS' FCA-regulated, UK subsidiary. A further 700 roles in India are also expected to move from the incumbent supplier to TCS.
TCS will assume the responsibility for the operation of some of Prudential's internal IT infrastructure to enable the IT operations function to deliver greater flexibility in the provision of services to the businesses within the Prudential Group.
This move will enable Prudential to focus efficiently on its digital transformation. About 180 full-time roles in London, Reading, and Craigforth will also transfer under the TUPE arrangements from M&G Prudential to TCS.