TCS’ new deal with an insurer in the UK, is its largest contract in three years.

Tata Consultancy Services (TCS) closes UK’s largest deal in three years with a new contract with an insurance provider.

A February 8 statement from TCS said the digital transformation of Phoenix Group Holdings’ products would cost more than £600 million ($723 million). The Phoenix Group is already using some of TCS’ services and says the partnership’s expansion will make UK businesses more competitive.

As part of the agreement, Asia’s largest outsourcer will integrate ReAssure’s historic operations into its core financial services platform. Phoenix owns ReAssure. The $3 million ReAssure is serviced and managed by TCS in the UK.

With the economic outlook for 2023 uncertain, Indian companies providing software services, such as TCS, are gearing up to reduce technology spending. TCS is optimistic about the UK’s business prospects, but the war between Russia and Ukraine, now in its second year, and soaring prices have soured the mood in Europe.

“If you look at Europe there is obviously a really big issue out there,” TCS Chief Executive Officer Rajesh Gopinathan said last month. “But if you look at North America and the UK, the environment there is very different, very supportive.”

Previously, Tata Consultancy Services TCS was included in the list of the world’s most admired companies according to FORTUNE magazine. Used as a corporate reputation indicator, the list is based on a global survey of executives, directors and analysts. Companies are evaluated using factors such as innovation, social responsibility, management competency, global competitiveness, human resource management, and product/service quality.

“TCS is honoured to be included in Fortune Magazine’s list of the World’s Most Admired Companies, especially since we share this accolade with many of our clients,” Suresh Muthuswami, Chairman TCS North America said upon receving the honour. “This recognition is an outcome of the longer-term, purpose-driven partnerships we have built with our clients, communities and all other stakeholders.”