TechM wins a $ 800 million contract from Jackson Life Insurance
BENGALURU: has contributed to some of its largest peers to obtain the almost $ 800 million (Rs 5.6 billion rupees) agreement from Insurance, an indirect subsidiary of the British insurance company Prudential.
With this, Tech Mahindra, which has traditionally had a strength in the telecommunications space, has won its largest agreement in the banking and financial services space, and will now be seen as a rival in the segment. This is perhaps one of his greatest victories in the general business space as well.
Communications contribute 41% to the Tech Mahindrá business, followed by manufacturing and BFSI with 18% and 13% respectively. The BFSI space is dominated by TCS and Competent .
It has been learned that Tech Mahindra is providing a great deal of technology and support services that include infrastructure management, application development and maintenance services to Jackson and Prudential assets in Asia.
Prudential is an Asian-led portfolio business that includes life and health insurance and retirement and asset management solutions. Jackson is betting on the retirement income space with 10,000 Americans who retire every day for the next 20 years, data from Prudential's presentation showed. When TOI asked Tech Mahindra about the deal, the company spokesman said it had no comments to offer.
Jackson's spokesman said: Jackson and his sister company, Prudential Corporation Asia (PCA), have signed a global services agreement with Tech Mahindra. Under the agreement, Tech Mahindra will provide support and technological services to Jackson, as well as the life and life of Prudential plc asset management companies throughout Asia. As a leading provider of retirement products in the United States, Jackson continuously evaluates and improves its business processes to meet the needs of rapidly changing customers. By entrusting our daily IT operations to Tech Mahindra, we can leverage your customer-centric solutions to improve productivity and scalability.
Hansa Iyengar, an IT analyst at Ovum Research, based in London, said Jackson employs about 2,800 people, not all of them are in IT. Apparently, Prudential wants all its IT to consolidate in all its global operations and this is part of that program. Jackson, he said, had also recently consolidated its IT operations into a single team, and wants to focus on developing its products.
Prudential has 20 million customers. The Asia entity serves more than 15 million customers with $ 216 billion in total assets under management. Tech Mahindra is a $ 4.9 billion company with 1.3 lakh employees in 90 countries, which helps 946 global customers.