TCS signs $2B agreement with Transamerica

new delhi — In its biggest deal to date, Tata Consultancy Services Ltd (TCS) on Friday signed a multi-year agreement worth more than $2 billion with the US-based insurance company Transamerica to digitally transform its life and annuities business.

The partnership enables Transamerica — a leading provider of life insurance, retirement and investment solutions — to enhance its digital capabilities, simplify the service of more than 10 million policies into a single integrated modern platform and drive greater sustainable growth opportunities through better customer experiences.

“The multi-year agreement is worth more than $2 billion in revenues, the largest contract signed by TCS to date,” the company said in a statement. The agreement is expected to lead to annual run-rate savings of approximately $70 million initially — growing to $100 million over time — for Transamerica.

“TCS is helping to guide many of today’s leading companies through their business 4.0 journeys, in building their digital spines, becoming more agile, creating superior customer experiences, and driving exponential growth,” said Rajesh Gopinathan, CEO and Managing Director of TCS. “We have invested heavily in our insurance digital platform, TCS BaNCS, and our extensive US capabilities, and are proud to partner with Transamerica in its ongoing transformation and welcome the transitioning employees to promising new careers at TCS,” Gopinathan added.