TCS bags multimillion-euro AI-powered services transformation deal from Canada Life

IT services major Tata Consultancy Services (TCS) has secured a multimillion-euro contract from global life and pensions insurer Canada Life to modernise its technology infrastructure across Europe. 

While the company did not disclose the financial value of the deal, it described the engagement as a multiyear partnership aimed at transforming Canada Life's core IT operations. 

Under the agreement, TCS will modernise and manage Canada Life's data centres, core infrastructure, end-user computing environment and software lifecycle management, the company said in a regulatory filing on Monday. 

As part of the partnership, TCS will also expand its infrastructure services talent pool across the UK, Ireland, the Isle of Man, and Germany. The company plans to invest in learning, certification and career development programmes to strengthen capabilities in these markets. 

"Working with TCS marks the next stage of our journey to modernise the technology foundations that underpin our business. It was important to choose a partner that understands our long-term vision and shares our commitment to people and innovation," said Caroline Dibbs, Chief Information & Transformation Officer, Europe, Canada Life. 

She said TCS' technical expertise, transformation capabilities and collaborative approach align closely with Canada Life's strategy and will help deliver lasting improvements in technology services supporting the insurer's operations and customers. 

Vinay Singhvi, Head, UK & Ireland, TCS, said the partnership reflects the company's growing leadership in AI-led transformation initiatives. "We are delighted to be selected as the strategic partner for Canada Life's technology modernisation journey across the UK and Europe. By leveraging our deep domain expertise, we will help Canada Life enhance operational efficiency, strengthen resilience and build a more agile and responsive IT ecosystem to support its long-term growth," Singhvi said. 

TCS said it has extensive experience in driving digital transformation for insurance, life and pensions providers across the UK and Europe. The latest engagement is expected to strengthen the company's position in the banking, financial services and insurance (BFSI) sector while reinforcing its expansion strategy in the UK and Ireland. 

The company added that the partnership further enhances its ability to deliver end-to-end technology services to insurance clients across the region.