Indian IT giant Tata Consultancy Services Ltd. (TCS) has secured its largest UK deal in three years with a new agreement with an insurance services provider.
London-based Phoenix Group Holdings Plc. has agreed to a contract worth more than ?600 million ($723 million) to digitally transform its product offering, TCS said in a statement today.
As part of the deal, TCS will integrate Phoenix-owned life and pensions provider ReAssure's heritage business on its core financial services platform. A TCS unit in the UK will also manage customer administration and servicing of ReAssure's 3 million policies, as per Bloomberg report.
Mumbai-headquartered TCS already provides some services for UK¡¯s largest long-term savings and retirement provider, the Phoenix Group, and the expansion of the partnership will help the British company become more competitive, TCS said.
Indian software services firms like TCS are bracing for a slowdown in tech spending given uncertainty about the economic outlook in 2023. The Russia-Ukraine war, now entering its second year, and soaring inflation have dampened the mood in Europe, though TCS has been upbeat about business prospects in the UK, as per the report.
¡°If you look at Europe there is obviously a real big issue out there,¡± TCS Chief Executive Officer Rajesh Gopinathan had said last month. ¡°But if you look at North America and UK, the environment there is very different, very supportive.¡±
As per TCS' press release today (February 8th), 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 TCS' President of BFSI Products & Platforms, R Vivekanand.
TCS has announced an expansion of its long-standing partnership with Phoenix Group, UK¡¯s largest long-term savings and retirements provider, to digitally transform the latter¡¯s ReAssure business using the TCS BaNCS-based platform.
As per TCS' press release, 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 ReAssure's 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. Customer administration and servicing of ReAssure¡¯s 3 million policies will be managed by Diligenta, 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¡¯ solution will help Phoenix transform 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 policy holders, advisers, employers and operational staff, and to continuously improve the service quality for Phoenix Group¡¯s customers.
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, the press release said.
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