Tata Consultancy Services (TCS) has signed a landmark €550 million, approximately $644 million, seven-year contract with Scandinavian insurer Tryg. The deal marks one of the largest digital transformation agreements in the region and is a major win for TCS in a year when the Indian IT industry has been facing slower growth and fewer mega contracts.

Under this agreement, TCS will be responsible for modernizing and managing Tryg’s entire IT landscape across Denmark, Sweden, and Norway. The company will deploy advanced artificial intelligence and cloud solutions to simplify operations, standardize processes, and enhance digital services for over six million customers. TCS will also take charge of application development and management, infrastructure services, cybersecurity, and end-user support.

This partnership extends the long-standing collaboration between TCS and Tryg, which has been ongoing for more than 15 years. It aligns with Tryg’s “United Towards 27” strategy, a roadmap focused on consolidating IT operations, boosting customer experience, and driving growth through digital innovation.

The deal comes at a crucial time for India’s $283 billion IT services industry, which has been under pressure due to weak client demand, inflationary challenges, and global trade uncertainties. Large-scale contracts like this provide critical momentum for companies like TCS to maintain stability and expand their global presence.

TCS has a strong footprint in the Nordic region, with more than 20,000 professionals based there. The company has consistently earned recognition for customer satisfaction and has been ranked among top employers in the region. This deal reaffirms its leadership in delivering large-scale transformation projects.

For TCS, the agreement also represents a boost in confidence after recent headwinds, including project delays and workforce restructuring. The Tryg contract positions the company to strengthen its European presence and sustain long-term growth.