Tech Mahindra Signs Multi-million-pound Deal With Premium Credit

Tech Mahindra, India's fifth largest software company, has signed a multi-million-pound IT services deal with insurance premium finance firm Premium Credit, located in the UK and Ireland. However, financial details of the multi-year deal were not disclosed.

The software company will provide operational support and maintenance services to Premium Credit, Tech Mahindra said in a statement.

Gopi Chelliah, the chief operating officer of Premium Credit, said that the partnership with Tech Mahindra would empower them with deep systems knowledge, professional resources and decades of financial systems expertise. He also added that the deal would enable Premium Credit to innovate with confidence.

The BFSI (Banking, Financial Services and Insurance) practice area is one of the largest contributors to Tech Mahindra revenues, amounting to 10%.

Tech Mahindra’s clients include one of the top three retail banks in the US, Canada, UK, Australia and India, as well as one of the top three insurers in US, Europe, Australia and India. Europe constitutes around 32% of the company's global revenues.

Commenting on the deal, Vikram Nair, Tech Mahindra head, Europe (enterprise), said that the companies would be working together to develop Premium Credit's financial infrastructure as a connected, flexible business platform that would continue to support business growth.

Premium Credit has 1.8 million customers and achieved advances of £3.3 billion in 2012, processing 24 million direct debits.

The insurance premium finance firm works with 4,000 intermediaries across its chosen markets and it has two offices in Epsom and Dublin.
Image: The Economic Times