MUMBAI : India’s top software exporter Tata Consultancy Services (TCS) today announced that it has entered into an agreement with Transamerica, a leading provider of life insurance, retirement and investment solutions, to enable the transformation of administration of its U.S. insurance and annuity business lines. The partnership enables Transamerica to rapidly 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 superior customer experiences. The multi-year agreement is worth more than $2 billion in revenues, and is expected to be completed by the second quarter of 2018.
The partnership will enable the transformation of the administration of Transamerica’s life insurance, annuity, supplemental health insurance, and workplace voluntary benefits products. It will also support the company’s overall transition to a simplified, cloud-enabled platform for agile new product development, enhanced services, acquisitions, and strategic innovation investments. This agreement is expected to lead to annual run-rate savings of approximately $70 million initially — growing to $100 million over time — for Transamerica. The majority is expected to benefit underlying earnings.