Tata Consultancy Services (TCS) on Wednesday announced the expansion of its partnership with Phoenix Group, UK’s savings and retirements provider in a £600 million ($723 million) deal; its largest deal in the fiscal year 2022-23. Under the deal, TCS will digitally transform the Phoenix Group’s ‘ReAssure’ business using the TCS BaNCS platform.
TCS’s UK-based subsidiary Diligenta will manage customer administration and servicing of ReAssure’s 3 million policies. Diligenta is TCS’ regulated subsidiary in the UK, on behalf of Phoenix Group. The contract for the end-to-end business transformation including administration services is valued at over £600 million, TCS said.
Phoenix Group is the UK’s long-term savings and retirement business. Its caters to 13 million customers with a broad range of pensions, savings, and life insurance products with brands including Standard Life, SunLife, Phoenix Life, and ReAssure.
Phoenix Group acquired ReAssure in 2020 and according to TCS, has now engaged with the IT firm to drive synergies and enhance the customer experience for ReAssure’s policyholders.
Brid Meaney, CEO of Heritage Division, Phoenix Group said: “We continually review our operating model to ensure it is meeting the evolving needs of our customers on their journey to and through retirement. Our strong partnership with TCS enables us to benefit from their proven capabilities and digital core as we continue to consolidate policies onto the TCS BaNCS platform. Ultimately, this transformation will ensure that Phoenix’s customers benefit from the clear digital focus, consistent customer journeys and customer proposition provided by one platform.”
“Customer experience transformation has been cornerstone of the TCS BaNCS platform’s value proposition. Towards this, we have been continuously investing in product and service innovation, setting a benchmark in the UK life and pensions industry. We are delighted to further expand our long-standing partnership with Phoenix Group to digitally transform its ReAssure business, drive synergies and improve the end-to-end customer experience,” said R Vivekanand, President, BFSI Products & Platforms, TCS.
TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways to harness digital technologies to enhance the experience for policyholders, advisers, employers and operational staff, and to continuously improve the service quality for Phoenix Group’s customers, the company said.