BENGALURU: Tata Consultancy Services has expanded its deal with European life insurance and pension consolidator Phoenix Group to transform Standard Life Assurance and will take over some of its employees as part of the deal.
Phoenix, which has been a TCS client for over 15 years, took over Standard Life Assurance in a 3 billion pound deal in August 2018. Phoenix took over about 3,500 employees as part of the deal, 2,900 of whom are in Edinburgh. Under the terms of the deal, TCS will create a technology and operational hub in Edinburgh and will administer as many as 10 million policies for the Phoenix Group.
The transformation is expected to take approximately three years to complete, with a number of Standard Life employees transferring to TCS by the end of that period.
The deal also give TCS access to the workplace insurance business, from its previous focus on life and pensions. TCS has been focused on growing its insurance business. At the start of 2018, TCS won an over $2 billion deal with US insurer Transamerica to transform its life and annuities business and took on over 2000 Transamerica employees.
Phoenix, which has been a TCS client for over 15 years, took over Standard Life Assurance in a 3 billion pound deal in August 2018. Phoenix took over about 3,500 employees as part of the deal, 2,900 of whom are in Edinburgh. Under the terms of the deal, TCS will create a technology and operational hub in Edinburgh and will administer as many as 10 million policies for the Phoenix Group.
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The deal also give TCS access to the workplace insurance business, from its previous focus on life and pensions. TCS has been focused on growing its insurance business. At the start of 2018, TCS won an over $2 billion deal with US insurer Transamerica to transform its life and annuities business and took on over 2000 Transamerica employees.
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