Logos of Tata Consultancy Services displayed at the venue of the annual general meeting of the software services provider in Mumbai
M&G Prudential, the United Kingdom and European savings and investments business of Prudential plc, announces agreement with Tata Consultancy Services (TCS), a global leader in IT, business process and digital services, to digitally transform their business and deliver enhanced service for its United Kingdom savings and retirement customers. As part of the deal, whose total value is not disclosed, the company will become a principal technology partner for the retailer, TCS said in a statement on Monday.
M&G Prudential chief executive John Foley says: "Strategic partnerships are an important part of our five-year plan to improve customer outcomes through the £250m capital investment our shareholders are making in the business".
Prudential had worked with business process outsourcing company Capita for the past 10 years and will now move contracts to Diligenta, the Financial Conduct Authority-regulated subsidiary of TCS. We will join our expertise to unlock the potential for technology to drive our digital-first transformation and accelerate growth of our business. "We will also bring the combined strength of our domain expertise in BFSI and managed policy administration in the British life and pension industry", said TCS Chief Executive Rajesh Gopinathan on the occasion.
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M&S had said in a statement on January 9 that core supplier services will transfer directly to TCS and the day- to-day relationship and project management of specialist suppliers will move under the control of TCS. As far as full time roles are concerned, about 180 jobs located in London, Reading and Craigforth will also transfer under the TUPE arrangements from M&G Prudential to TCS. "Individual conversations will take place with around 30 individuals whose functions will be carried out differently in the future", it had said.
The retailer had said the programme will deliver annual efficiencies of about GBP 30 million by 2021-22 and that there is a one-off cost to implement of about GBP 25 million.
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