TCS subsidiary wins business worth £250 million
Diligenta, a business process outsourcing (BPO) provider in the UK and a subsidiary of Tata Consultancy Services (TCS) (NSE: TCS), an IT services, business solutions and outsourcing firm, has secured business wins with Phoenix Group and Old Mutual International following the transfer of Unisys Insurance Services Limited’s (UISL) UK life and pensions services business. Diligenta’s new contract with Phoenix Group has been extended by an additional six years until 2018 and both contracts will generate £250 million in revenue for the company over that period, reinforcing Diligenta’s position as one of the largest BPO providers in the UK.
Diligenta will begin delivering the services currently provided to UISL’s clients effective September 1, 2010. Diligenta was selected as the preferred bidder following a selection process by UISL’s largest client, Phoenix Group. Diligenta will manage further books of business owned by the Phoenix Group and acquiring a third client, Old Mutual International. The number of policies that Diligenta now administers will rise from 3.6 million to over five million.
“TCS set up Diligenta to specialize in the provision of business process outsourcing services for the UK life and pensions industry. Diligenta has grown from strength to strength since it was set up in 2006 and today marks a further major milestone as we cross the five million mark for policies under administration,” said Phiroz Vandrevala, Chairman, Diligenta and Executive Director, TCS.
Tony Kassimiotis, Managing Director, Operations at Phoenix Life, added, “We have agreed a deal that preserves continuity for our UISL-serviced policyholders, whilst promising a migration to the more modern administration platform already being operated by Diligenta for 2 million of our policies. Moving to a platform with greater scale and capability will drive down our unit costs over time, which will support our mission to deliver improved returns for our customers and value for our shareholders.”
Diligenta had recently announced a major IT transformation programme, migrating two million policies for Phoenix Group, from numerous platforms, onto the single TCS BaNCS system. The objective of the programme was to improve operational efficiency, with a view to enhancing customer experience. It will also enhance Diligenta’s ability to react quickly and effectively to any major regulatory change. In due course this process will continue with the transference of the policies UISL service on behalf of their clients on to the BaNCS platform.
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