New Delhi, June 8 -- India's largest IT services firm, Tata Consultancy Services (TCS), on Monday said it has secured a multi-year, multi-million euro technology transformation and managed services contract from Canada Life, strengthening its presence in the European insurance sector and highlighting growing demand for AI-led infrastructure modernisation among global insurers.
Under the agreement, TCS will modernise and manage Canada Life's IT infrastructure services across its European operations. The engagement will leverage artificial intelligence, automation and advanced service management capabilities to improve operational resilience, drive efficiencies, and enhance customer experience.
Canada Life, one of Europe's largest life and pensions insurers, is seeking to modernise its technology landscape amid rising customer expectations, evolving regulatory requirements and increasing digital adoption across financial services.
The deal comes as insurers accelerate investments in AI-powered operations, cloud-enabled infrastructure and automation to improve agility and reduce operational complexity. Industry experts have increasingly identified insurance as a key growth area for enterprise AI adoption, with companies using automation and advanced analytics to streamline operations, strengthen risk management and deliver more personalised customer experiences.
"We are delighted to partner with Canada Life on its transformation journey," TCS said in a statement, adding that it will bring together its expertise in AI, automation and managed services to support the insurer's long-term technology modernisation goals.
The contract further reinforces TCS's strategy of positioning itself as an AI-led technology services provider. In recent months, the company has secured several large transformation engagements globally, including an AI-powered managed services deal with industrial technology company SKF, a technology modernisation contract with Denmark-based logistics giant DSV, and a long-term digital transformation partnership with airline group Ryanair.
The Canada Life mandate also comes amid a broader wave of AI-led transformation deals across India's IT services sector. Infosys recently secured a seven-year contract with healthcare major IHH Healthcare to deploy an AI-driven enterprise resource planning platform across its global operations. The company has also expanded partnerships with AI firms including OpenAI and Anthropic to accelerate enterprise AI adoption.
Wipro, meanwhile, signed a more than $1 billion AI-powered transformation agreement with agri-business major Olam Group, one of the largest contracts announced by an Indian IT services company this year. The deal combines AI-led business transformation with the acquisition of Olam's digital subsidiary Mindsprint.
The momentum underscores a wider shift in the IT services industry, where AI-led transformation, managed services and platform modernisation are emerging as key growth drivers. As enterprises move beyond AI pilots and towards large-scale deployments, technology providers are increasingly competing for strategic contracts that combine infrastructure modernisation, automation and AI-enabled business transformation.
Published by HT Digital Content Services with permission from TechCircle.