TCS expands partnership with UK's Phoenix Group, inks over £600 mn deal

Tata Consultancy Services (TCS) has announced an expansion of its long-standing partnership with Phoenix Group, UK’s largest long-term savings and retirement provider, through a contract valued at over £600 million (around $723 million).

This will be the largest deal win for TCS in FY23. As part of the deal, TCS will digitally transform Phoenix’s ReAssure business, including its administration services, using the BaNCS-based platform.

This will be one of the largest deals for the company in the coming quarter.

Under the agreement, TCS’s Diligenta will manage customer administration and servicing of ReAssure’s 3 million policies. Diligenta is TCS’s regulated subsidiary in the UK on behalf of the Phoenix Group.

Phoenix Group acquired ReAssure, a UK-based life insurance provider, in 2020, and has now engaged with TCS to drive synergies and enhance customer experience for its policyholders.

The expanded partnership will result in a transformation of ReAssure’s operations, consolidating the heritage business on the same future-proof TCS BaNCS-based digital platform used to administer Phoenix Group’s other books of business. TCS’s solution will help Phoenix transform the end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention.

TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways of harnessing digital technologies to enhance the experience for policyholders, advisers, employers and operational staff.

At a strategic level, this business transformation initiative will integrate the ReAssure business into the Phoenix Group platform.

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. This transformation will ensure that Phoenix’s customers benefit from the clear digital focus, consistent customer journeys and customer proposition provided by one platform.”

R Vivekanand, president, BFSI Products & Platforms, TCS, added, “Customer experience transformation has been the 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.”

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