IT major TCS wins deal to transform UK insurer's business

Tata Consultancy Services (TCS), India's largest IT exporter, announced on Wednesday that it has expanded its partnership with UK's Phoenix Group, a long-term savings and retirement provider, to digitally transform its business using the TCS BaNCS™️ platform.

R Vivekanand, President of the BFSI Products and Platforms at TCS, said: “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.”
 
The company announced in a release that this contract would entail providing an end-to-end business transformation of Phoenix Group including administration services, which is valued at over £600 million. Furthermore, the company noted, "At a strategic level, this business transformation initiative will integrate the ReAssure business into the resilient platform that has been enabling Phoenix Group to quickly respond to changes in the environment and seize new opportunities for growth."

Brid Meaney, CEO of Heritage Division, at 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.”

The IT giant also said that it will leverage its 'Innovation Lab' in the UK for "new ways of harnessing 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."