The acquisition of Unisys Corporation’s insurance business, Unisys Insurance Services Ltd (UISL), by Tata Consultancy Services’ UK subsidiary Diligenta could help India’s largest IT firm’s revenue from insurance sector to take off.
Diligenta was formed in 2006 after TCS won a 12-year contract worth over $850 million from UK-based insurance firm Pearl Group (now Phoenix Group) and included transfer of over 1,000 staff and management of over 4 million policies from the Pearl group, making it the second-largest life and pension outsourcing company in the UK after Capita.
As part of the UISL acquisition, TCS gets an incremental business of £250 million. UISL, too, serves Phoenix Group besides a South African firm Old Mutual. With this buy, Diligenta administers five million life and pensions policies.