TCS bags 15-year deal from UK-based insurance company Aviva

India’s largest IT services company, Tata Consultancy Services (TCS), announced on Tuesday a 15-year expansion of its partnership with Aviva, the UK’s leading insurance, wealth, and retirement provider. The deal aims to transform Aviva’s UK Life business and enhance customer experience, leveraging the TCS BaNCS-based platform.

The financial details of the deal were not disclosed, but industry experts believe it could be a significant agreement for the company.

Aviva has been a partner of TCS for 20 years. Under the new agreement, TCS will deploy TCS BaNCS to transform Aviva's end-to-end policy administration and servicing, expanding to cover over 5.5 million policies. This will be managed by Diligenta, TCS' FCA regulated subsidiary in the UK, on behalf of Aviva.

Doug Brown, CEO of Insurance, Wealth & Retirement at Aviva, said, "Extending this strategic partnership will improve how we serve our customers, simplify our operations, and support our growth ambitions. It will allow us to streamline our systems and improve efficiency, bringing significant benefits for our customers and the business."

R Vivekanand, President of BFSI Products & Platforms at TCS, added, "Our long-standing relationship with Aviva over the last 20 years is a testament to our joint efforts to consistently and continuously improve the customer experience."

This announcement comes after TCS, along with its peers Infosys, Tech Mahindra, and HCL Tech, had a seasonally weak quarter. TCS reported a net profit of ₹11,058 crore in the quarter ended December 31, 2023, representing a 2% increase from the previous year's same quarter.

TCS has been operating in the UK for over 45 years and works with over 200 top businesses in the country, including British Airways, Virgin Atlantic, Sainsbury's, Nationwide, M&S, Asda, and Boots. TCS holds a leadership position in software and IT services in the UK market. It currently employs more than 23,000 people in the UK and Ireland, making it one of the region's largest IT employers.

Meanwhile, last week, Oxford University terminated its deal with TCS after students experienced technical glitches during an online admission test for the institution. In April 2023, the UK-based institution selected TCS iON, the learning and assessments-focused unit of TCS, to conduct admission tests, replacing Cambridge Admissions Assessment Testing.