News: Llyod Bank's insurance business to transfer 1000 employees to TCS

Employee Relations

Llyod Bank's insurance business to transfer 1000 employees to TCS

Diligenta, which is TCS's subsidiary in the United Kingdom, has entered into a 15 years agreement with Lloyd Bank Group. Read on to know more.
Llyod Bank's insurance business to transfer 1000 employees to TCS

According to a media report, TCS has entered into 15 years agreement with Lyod Bank Group and as part of it, 1000 employees from its Scottish Widows and Clerical Medical division, which is part of Lloyd Bank's insurance business, would be affected.

As per the agreement, Diligenta, which is TCS’s subsidiary in the United Kingdom, would provide end to end policy administration services on its digitally enabled platform for its 4 million heritage customers.

The transferred staff will now be on the roll of Diligenta. According to the media report, the transfer of staff has been criticized by a UK’s labor union. 

A Unite National Officer, Rob MacGregor said, "The wholescale transfer of 1,000 Lloyds Banking Group staff to Diligenta is nothing short of a betrayal of these workers.”

Confirming the transfer, Lloyds Bank said the transfer, "will make managing heritage products simpler and more efficient for the bank's customers."

In June, the media reported that Lloyd Bank as part of the deal signed with IBM India had transferred more than 500 jobs to IBM India. At that point in time as part of a ten-year outsourcing agreement. At that point in time, the two trade unions Accord and Unite had agreed to the terms and conditions of the deal between Lloyd Bank and IBM.

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Topics: Employee Relations

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