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    TCS wins £600 million Phoenix Group deal

    Synopsis

    Tata Consultancy Services will digitally transform Phoenix Group’s ReAssure business using the TCS BaNCS based platform.

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    Tata Consultancy Services has expanded its deal with Phoenix Group, UK’s largest long-term savings and retirements provider. The extended deal is worth £600 million ($0.72 billion) -- the largest for the company this fiscal.

    TCS will digitally transform Phoenix Group’s ReAssure business using the TCS BaNCS based platform.

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    In 2019, TCS had originally bagged a deal from the Phoenix Group valued at over $2 billion.

    “This transformation will ensure that Phoenix’s customers benefit from the clear digital focus, consistent customer journeys and customer proposition provided by one platform,” said Brid Meaney, CEO of Heritage Division, Phoenix Group.

    At a strategic level, this business transformation initiative will integrate the ReAssure business into the platform that has been in use by the Phoenix Group.

    “Customer experience transformation has been a 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,” said R Vivekanand, President, BFSI Products & Platforms, TCS.

    Phoenix Group acquired ReAssure, a UK-based life insurance provider, in 2020, and has now engaged with TCS to drive 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 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.

    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.

    TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects to build the experience for policy holders, advisers, employers and operational staff, and to improve the service quality for Phoenix Group’s customers.
    The Economic Times

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