TCS inks $700 million digitalization deal with insurer Phoenix Group

(Bloomberg) — Tata Consultancy Services Ltd. closed its biggest deal in the UK in three years with a new deal with an insurance provider.

London-based Phoenix Group Holdings Plc. has awarded a contract worth more than £600 million ($723 million) to digitally transform its product offering, TCS said in a statement released on Wednesday.

As part of the deal, Asia’s largest outsourcer will integrate Phoenix-owned insurance and pension provider ReAssure into its core financial services platform. TCS UK will also manage customer administration and maintenance of 3 million ReAssure policies.

Mumbai-headquartered TCS already provides some services to the Phoenix Group and expanding the partnership will help the British company become more competitive, TCS said.

Indian software services companies such as TCS are bracing for a slowdown in technology spending given the uncertain economic outlook in 2023. The Russian-Ukrainian war, now in its second year, and soaring inflation have weighed on the mood in Europe, although TCS is optimistic. business prospects in the UK.

“If you look at Europe, there is obviously a really big problem there,” TCS CEO Rajesh Gopinathan said last month. “But if you look at North America and the UK, it’s a very different environment, very supportive.”

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