M&G
5.8 million life and pensions contracts transferred to TCS
In January 2018, M&G Prudential, the UK and European savings
and investments business of Prudential plc, announced a new
part of a world leading IT services company can deliver.”
TCS’ simplified architecture and standardized business
10-year, £500 million partnership with TCS to enhance service processes will increase operational efficiency and lower total
for its UK savings and retirement customers. cost of ownership for M&G Prudential.
In June 2018, the agreement was expanded to cover an
Over the span of four years, TCS will transfer a portfolio of
additional 1.8 million customer policies, which adds another 5.8 million life, pension, and annuity policies from multiple
£500 million to the value of the 10-year contract. legacy policy administration systems onto the BFSI Digital
In total, the administration of 5.8 million life and pensions
contracts will move from Prudential’s incumbent business
Platform powered by TCS BaNCS.
The comprehensive functionality of TCS BaNCS will
partner to TCS. With more than 18 million policies in the BFSI support M&G Prudential’s business strategy by enabling
Digital Platform, powered by TCS BaNCS, TCS is the market digital transformation, improving customer experiences, and
leader in UK life and pension administration. reducing the time-to-market for launching new products and
John Foley, Chief Executive of M&G Prudential, said: “This
partnership with TCS is an essential element of our strategy
incorporating regulatory changes.
Rajesh Gopinathan, CEO and MD, TCS, said: “TCS is delighted
to create a digitally-enabled business. Our customers will to be the digital transformation partner for M&G Prudential to
receive a better service - day in, day out - as a result and our enhance service for its UK savings and retirement customers
colleagues will be better equipped to provide that service and drive sustainable growth. We will propel this digital
more efficiently.” transformation through TCS’ continuous investments in digital
TCS emerged as the clear leader in a full market review
and technology services. We will also bring the combined
undertaken by M&G Prudential. “Given its scale, its digital strength and capabilities of our deep domain expertise in BFSI
expertise and proven experience in the administration of and TCS’ strong record of managed policy administration in
savings and investments, TCS is the best