TCS secures major deals in life and pensions sector
MUMBAI, INDIA — Indian IT services firm Tata Consultancy Services (TCS) has secured two major deals in the life and pensions sector, building on its strategy to drive growth in banking, financial services and insurance (BFSI), according to research firm HFS Research.
The deals include a new 10-year contract with Nest, the UK’s largest workplace pension scheme, revamping its administrative services. TCS has partnered with Nest for over 10 years.
Additionally, TCS signed a new deal with Standard Life Assurance Limited, a subsidiary of the Phoenix Group and part of Standard Life, to establish a customer operations center in Germany and Austria. The contract also involves migrating about 400,000 policies to TCS’s Digital Platform for Life and Pensions.
These deals highlight TCS’s strengths in transformation and growth in Europe, a key geography, according to HFS. TCS is investing in building digital capabilities to drive innovation for clients.
TCS reported a 6.6% year-over-year rise in BFSI revenue in its latest earnings. Overall, its consolidated revenue was $25.7 billion in 2022.
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