A new business will be set up in Iowa

Tata Consultancy Services (TCS) has bagged a US$2 billion deal from the US insurance group Transamerica, following which TCS will set up new North American insurance hub for business operations in Cedar Rapids, Iowa.

The contract, the largest to date, entails transforming Transamerica’s US insurance and annuity business lines.

The multi-year agreement enables Transamerica to rapidly enhance its digital capabilities, simplify the service of more than 10 million policies into a single integrated modern platform.

“TCS will provide valuable administration and quality customer service, and Transamerica will continue to engage with our customers, clients and advisors in the most meaningful ways to them by utilising our digital engagement platforms and developing new solutions that help people save, protect, invest and retire,” Mark Mullin, Transamerica President and CEO, said.

TCS said it will make job offers to all the applicable Transamerica employees currently supporting the life insurance, annuity, supplemental health insurance, and workplace voluntary benefits business lines.

This will ensure “a consistently excellent experience for Transamerica customers and protecting approximately 2,200 American jobs”, said TCS which also plans to hire locally in Iowa.

TCS will also expand its existing relationship with Transamerica under this transaction, and locate in Transamerica’s current offices in various US cities.

“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,” TCS CEO and MD Rajesh Gopinathan said.

TCS plans to make a significant investment in the region, most notably by establishing its new North American insurance hub for business operations in Cedar Rapids, Iowa. fii-news.com