TCS bags US$2.2bn order :Angel Broking,

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TCS bags US$2.2bn order
Diligenta, the business process outsourcing (BPO) provider in the UK and a
subsidiary of TCS, announced that it will assume administration responsibility for
3.2mn policies for Friends Life, a provider of pensions, investments and insurance.
The agreement, effective from March 1, 2012, is worth US$2.2bn (£1.37bn) over
15 years. This major business win will increase the total number of policies
administered by Diligenta to just under 8mn. Outsourcing much of its customer
service and IT functions for its UK heritage business will allow Friends Life to focus
on its new proposition developments, including its new corporate platform, in its
core markets of corporate benefits, protection and retirement income.
Diligenta will assume administration responsibility for much of Friends Life’s closed
book protection business and a significant part of its corporate benefits business.
Diligenta and TCS will deliver IT infrastructure and IT services with some policies
migrating to TCS BaNCS Insurance, a globally recognized industry-leading
insurance platform. As a result of this new arrangement, a total of approximately
1,900 Friends Life roles across a number of office locations in the UK will transfer
under their existing terms of employment to Diligenta. All those who will transfer
would continue to service Friends Life’s customers, ensuring both continuity of
service delivery and expertise. This is the second biggest order ever signed by TCS.
We continue to maintain our Accumulate recommendation on the stock with a
target price of `1,220.