Home Business TCS Inks $700-Million Deal With UK-Based Phoenix Group, Its Largest In FY23

TCS Inks $700-Million Deal With UK-Based Phoenix Group, Its Largest In FY23

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Tata Consultancy Companies (TCS) on Wednesday introduced the enlargement of its partnership with Phoenix Group, UK’s financial savings and retirements supplier in a £600 million ($723 million) deal; its largest deal within the fiscal 12 months 2022-23. Beneath the deal, TCS will digitally remodel the Phoenix Group’s ‘ReAssure’ enterprise utilizing the TCS BaNCS platform.

TCS’s UK-based subsidiary Diligenta will handle buyer administration and servicing of ReAssure’s 3 million insurance policies. Diligenta is TCS’ regulated subsidiary within the UK, on behalf of Phoenix Group. The contract for the end-to-end enterprise transformation together with administration providers is valued at over £600 million, TCS stated. 

Phoenix Group is the UK’s long-term financial savings and retirement enterprise. Its caters to 13 million clients with a broad vary of pensions, financial savings, and life insurance coverage merchandise with manufacturers together with Normal Life, SunLife, Phoenix Life, and ReAssure. 

Phoenix Group acquired ReAssure in 2020 and in line with TCS, has now engaged with the IT agency to drive synergies and improve the client expertise for ReAssure’s policyholders. 

Brid Meaney, CEO of Heritage Division, Phoenix Group stated: “We regularly assessment our working mannequin to make sure it’s assembly the evolving wants of our clients on their journey to and thru retirement. Our robust partnership with TCS allows us to profit from their confirmed capabilities and digital core as we proceed to consolidate insurance policies onto the TCS BaNCS platform. In the end, this transformation will make sure that Phoenix’s clients profit from the clear digital focus, constant buyer journeys and buyer proposition supplied by one platform.”

“Buyer expertise transformation has been cornerstone of the TCS BaNCS platform’s worth proposition. In direction of this, we have now been repeatedly investing in product and repair innovation, setting a benchmark within the UK life and pensions trade. We’re delighted to additional develop our long-standing partnership with Phoenix Group to digitally remodel its ReAssure enterprise, drive synergies and enhance the end-to-end buyer expertise,” stated R Vivekanand, President, BFSI Merchandise & Platforms, TCS.

TCS will leverage its Innovation Lab within the UK the place its contextual consultants and resolution architects search for new methods to harness digital applied sciences to boost the expertise for policyholders, advisers, employers and operational workers, and to repeatedly enhance the service high quality for Phoenix Group’s clients, the corporate stated.

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