Diligenta, a business process outsourcing (BPO) provider in the UK and a subsidiary of Tata Consultancy Services (TCS) will assume administration responsibility for 3.2 million policies for Friends Life, a provider of pensions, investments and insurance. The agreement, effective March 1, 2012, is worth $2.2 billion over 15 years.
Diligenta will assume administration responsibility for much of Friends Life’s closed book protection business and 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.
Diligenta, TCS’ UK FSA regulated subsidiary was established in 2005 to specialize in the provision of business process outsourcing (BPO) services for the UK life & pensions industry.