Diligenta, a business process outsourcing (BPO) provider in the UK and a subsidiary of Tata Consultancy Services (TCS), announced major business wins with The Phoenix Group and Old Mutual International following the transfer of Unisys Insurance Services Limited’s (UISL) UK life and pensions services business to Diligenta. Diligenta’s new contract with The Phoenix Group has been extended by an additional six years until 2018, and both contracts will generate £250 million in revenue for the company over that period, reinforcing Diligenta’s position as one of the largest BPO providers in the UK.

Diligenta will begin delivering the services currently provided to UISL’s clients on September 1, 2010. Diligenta was selected as the preferred bidder following a rigorous selection process by UISL’s largest client, The Phoenix Group.

This deal secures Diligenta’s position as a leading provider within the UK’s life and pensions BPO market and will see Diligenta managing further books of business owned by The Phoenix Group and acquiring a third client, Old Mutual International. The number of policies Diligenta now administers will rise from 3.6 million to over 5 million.

Phiroz Vandrevala, Chairman, Diligenta and Executive Director, TCS, stated that the new contract reinforced the company’s commitment to providing transformational services to the UK life and pensions market.

Tony Kassimiotis, Managing Director, Operations at Phoenix Life commented on the deal, “We are grateful to Unisys and Diligenta for working so constructively with us to get to this point.

“We have agreed on a deal that preserves continuity for our UISL-serviced policyholders, whilst promising a migration to the more modern administration platform already being operated by Diligenta for 2 million of our policies. Moving to a platform with greater scale and capability will drive down our unit costs over time, which will support our mission to deliver improved returns for our customers and value for our shareholders.”

Diligenta also recently announced a major IT transformation program, migrating 2 million policies for The Phoenix Group, from numerous platforms, onto the single TCS BaNCS system. The objective of the program was to improve operational efficiency, with a view to enhancing customer experience. It will also augment Diligenta’s ability to react quickly and effectively to any major regulatory change. In due course, this process will continue with the transference of the policies that UISL services, on behalf of its clients, onto the BaNCS platform.

Source:  Top-Consultant News

Unisys Corporation has sold Unisys Insurance Services Limited (UISL) to Diligenta Limited, a subsidiary of Tata Consultancy Services Limited.

Unisys sells UK-Based insurance and pension processing business

UISL, which is headquartered in the UK and has operations in Liverpool and Bournemouth, provides business process outsourcing services to the UK life and pensions industry.

Terms of the transaction were not disclosed.

Source:  Top Consultant News