Tata Consultancy Services Ltd has secured its biggest UK deal in three years through an insurance services provider agreement.

London-based Phoenix Group Holdings Plc has agreed on a contract worth more than £600 million ($723 million) to transform its product offering digitally, TCS said in a statement on Wednesday.

India IT Services Major will help this UK insurer transform end-to-end customer service through cross-channel self-service and analytics to improve customer satisfaction and retention.

TCS will use its Innovation Lab in the UK, where its background experts and solutions architects find new ways to leverage digital technologies to enhance the experience of policyholders, advisors, employers and operators and continuously improve the quality of service for Phoenix Group customers.

As part of the deal, Asia’s largest outsourcer will integrate the legacy business of Phoenix-owned life and pension provider ReAssure on its core financial services platform. The TCS unit in the UK will also manage client administration and servicing of ReAssure’s 3 million policies.

Mumbai-based TCS already provides some services to Phoenix Group, and the expanded partnership will help the British company become more competitive, TCS said.

Indian software companies like TCS are bracing for a slowdown in technology spending, given the uncertain economic outlook for 2023. The Russia-Ukrainian war is now in its second year, and soaring inflation has dampened sentiment in Europe, although the TCS has been optimistic about UK’s business prospects.