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Follow UsMUMBAI, INDIA: With the announcement of signing $2.2 billion deal with Friends Life in the UK, Diligenta — a TCS subsidiary — said is it far ahead of its competitor in UK insurance market.
According to N Chandrasekaran, chairman, Diligenta, the deal is very special for TCS as it validated the interest and investment in building an insurance platform over Cloud for the insurance sector.
“It will increase the non-linear revenue through transformation where the client will be charged per- policy-per-month basis. Also, the deal is unique for TCS since the contract signed with Pearl Assurance Group five years back where we created the TCS BaNCS Insurance platform with investment of around £ 45-50 million,” Chandrasekaran said.
He stressed that Diligent is the only company to have such unique insurance platform compared to other competitors and hence is ahead of competition in the UK market.
“Initially, we will migrate policies of Friends Life from the legacy systems into the TCS BaNCS platform, customize and process them,” he added. Though the deal is worth $ 2.2 billion for some eight million policies, the actual revenues are expected to increase in future.
Diligenta will process closed-book as well as open-book policies. However, as Friends Life will increase the sale and process of new open-book policies it will add more revenues to the TCS UK subsidiary.