Tata Consultancy Services (TCS) on Wednesday (8 February) announced an that it has bagged a 600 million british pounds (or $723 million) deal from its United Kingdom-based client Phoenix Group.
Phoenix Group is UK’s largest long-term savings and retirements provider.
Under the deal, TCS will transform Phoenix's ReAssure business using the its BaNCS based platform.
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 company said in a statement.
According to the company, 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 company said.
"The contract for the end to end business transformation including administration services is valued at over £600 million," it added.
TCS’ solution will help Phoenix transform the end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention, it said.
Brid Meaney, CEO of Heritage Division, Phoenix Group said, “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.”
“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.