Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, 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 USD 2 billion in revenues, the largest contract signed by TCS to date.

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 USD 70 million initially-growing to USD 100 million over time-for Transamerica. The majority is expected to benefit underlying earnings.

''TCS is helping to guide many of today's leading companies through their business 4.0 journeys, in building their digital spines, becoming more agile, creating superior customer experiences, and driving exponential growth,'' said Rajesh Gopinathan, CEO and MD, TCS. ''We have invested heavily in our insurance digital platform, TCS BaNCS, and our extensive U.S. capabilities, and are proud to partner with Transamerica in its ongoing transformation and welcome the transitioning employees to promising new careers at TCS.''