Diligenta, a unit of Indian outsourcer Tata Consultancy Services, has acquired the business of Unisys Insurance Service Limited (Usil), bagging £250 million in mandates from The Phoenix group and Old Mutual International in the process.
Diligenta, which has offices in Liverpool and Bournemouth, was founded in 2006 after TCS won a 12-year contract worth over $850 million from UK-based insurance firm Pearl Group (now Phoenix Group).
With the Usil business on its books, Diligenta gains additional work from Phoenix and adds Old Mutual as a new client.
As a result, the number of policies Diligenta now administers will rise from 3.6 million to over 5 million.
The firm recently announced a major IT transformation programme, migrating two million policies for The Phoenix Group, from numerous platforms, onto the single TCS BaNCS system.
The newly-acquired Usil polcy lines will also be onboarded to the new platform over time, says Diligenta, a move which is welcomed by Phoenix managing director Tony Kassimiotis: "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."