Tata Consultancy Services (TCS) announced on Tuesday that it had expanded its agreement with M&G Prudential, the U.K. and European savings and investments business of Prudential Plc.
The move, it said, would bring in additional revenue of £500 million ($668 million) over the term of the contract.
The 10-year partnership, which was announced in January 2018, was meant to digitally transform M&G Prudential’s business and deliver an enhanced service for its U.K. savings and retirement customers. On January 15, Tata Consultancy announced that the deal was valued at £500 million ($690 million) and covered 4 million customer policies.
The agreement has now been expanded to cover an additional 1.8 million customer policies which will move from M&G Prudential to TCS, bringing the total number of policies covered by the partnership to 5.8 million, according to a company statement.
Around 400 roles from M&G Prudential across a number of U.K. sites are expected to be transferred under the Transfer of Undertakings (Protection of Employment) Regulations 1981arrangements to FCA-regulated U.K. subsidiary of TCS. A further 183 roles in India are also expected to move from M&G Prudential to TCS.
"Earlier this year, we embarked on a journey to digitally transform and provide an enhanced service for M&G Prudential customers. We are delighted to have expanded this partnership which will help accelerate the growth agenda for M&G Prudential. We remain committed to deliver greater speed, agility and flexibility through our BFSI digital platform,” Suresh Muthuswami, president and global head, banking, financial services and insurance platform, said.