Tata Consultancy Services (TCS) has landed its largest UK transaction in three years thanks to a new agreement with an insurance services provider. According to a February 8 announcement from TCS, the cost to digitally change Phoenix Group Holdings' product offering would be more than £600 million (USD 723 million).

TCS, which The Phoenix Group already utilises for some services, asserts that the expansion of the alliance will increase the UK company's competitiveness.

The largest outsourcer in Asia will absorb ReAssure's past activities onto its main financial services platform as part of the transaction. ReAssure is owned by Phoenix. A TCS division in the UK will manage and serve the three million ReAssure insurance policies.

Indian software service providers like TCS are planning for a downturn in IT spending given the uncertainties surrounding the economy's prospects in 2023. Despite TCS's optimism on UK business opportunities, the ongoing conflict between Russia and Ukraine and Europe's soaring prices have dampened the continent's mood.
TCS was previously named as one of FORTUNE magazine's World's Most Admired Companies. The list, wh

ch is considered as a proxy for company reputation, is based on a survey of directors, analysts, and executives from international corporations. Companies are evaluated based on a variety of criteria, such as innovation, social responsibility, management skills, global competitiveness, human resource management, and quality of goods and services.

“Customer-centric experience transformation has been the benchmark of the TCS BaNCS platform’s value proposition. Towards this, we have been continuously investing in product and service innovation, setting a benchmark in the UK life and pensions industry,” said R Vivekanand, President, BFSI Products and Platforms at TCS.

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