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Indian outsourcing firm Tata Consultancy Services (TCS) said Tuesday it was entering the life insurance and pensions industry in the United Kingdom with a 12-year, £486-million ($847 million) deal to handle the life insurance and pension business processes of Pearl Group.
TCS will set up a new U.K. subsidiary in Peterborough, England , to specialize in business process outsourcing (BPO) for the life insurance industry. The unit will respond to questions from policyholders, pay out claims, and perform other transactions. The company has signed a long-term lease for a site there.
Shares of TCS were up 6.80 rupees ($0.15) to 1,440.95 rupees ($31.93) in recent trading.
TCS, based in Mumbai, India, has already worked with five of the top 10 insurance companies in the U.K., according to Phiroz Vandrevala, global head of corporate affairs at the company. TCS also has a 14-year relationship with Pearl.
The Tata-Pearl deal comes only a day after Technology Partners International, a Houston-based advisory firm, said the total value of outsourcing deals in 2005 would drop to between $60 billion and $65 billion from an average of $72 billion in recent years This article is sponsered and published by offshoreoutsourcin gworld
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