Tata Consultancy Services (TCS) has won a 12-year, $847 million deal to handle Pearl Group's life insurance and pension business processes. This marks TCS' entry into the U.K. life insurance and pensions industry.

TCS will set up a subsidiary in Peterborough, England that will specialize in life insurance business process outsourcing. The unit will handle inquires from policyholders, pay out claims, and other transactions. Pearl Group will own a minority stake in the unit, and will invest $87.25 million over four years.

Subramanian Ramadorai, chief executive of TCS, said, "This deal validates our strategy of pioneering the next generation of business process outsourcing opportunities." TCS has already worked with five of the top 10 insurance companies in the U.K.

He added, "Our extensive experience working in the insurance industry, together with our excellence in technology, will help us emerge as a significant player in life assurance and pensions administration services and help us continue our strong growth momentum."

Image Source: www.tcs.com