Rs 5,600 Crore Deal: TCS Expands Partnership With Scandinavian Insurer Tryg
TCS will also establish a unified digital-first operating model for managing business across three key markets where Tryg operates in.
Tata Consultancy Services Ltd. has extended its pact with Tryg, a Scandinavian non-life insurance company that operates in Denmark, Sweden, and Norway for seven years for Rs 5,642 crore, according to an exchange filing on Tuesday.
As part of the deal, TCS will also establish a unified digital-first operating model for managing business across the three key markets that Tryg operates in, consolidating functions that were spread across the region, as per the filing.
Both companies have had multiple collaborations and strategic partnerships spanning over 15 years.
"By combining TCS’ best-in-class Cloud and AI capabilities with our expertise in the insurance sector, we will help Tryg accelerate its transformation into an agile, technology-led enterprise with AI at its core", TCS CEO K Krithivasan said.
He added that the company is proud of the long-standing partnership that has brought key innovations in the European insurance space. "This extension reflects our shared commitment to building resilient ecosystems designed not just for today, but for the possibilities of tomorrow."
As per the filing, currently, over 20,000 TCS employees support leading enterprises in the Nordics, indicating a strong presence of the company in Denmark and the Nordics.
"The extended partnership with TCS, which is one of the leading technology companies in the world, is a key initiative supporting our 2027 target to simplify and scale Tryg’s business. TCS is the right partner to assure an important contribution towards achieving our ambition", said Tryg's Group CEO Johan Kirstein Brammer.
The shares of TCS closed flat at Rs 3,112.15 apiece on the BSE.
