Tata Consultancy enters UK life and pension industry
By Our Corporate Bureau | 19 Oct 2005
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.