TCS wins £600 million Phoenix Group deal

IT major Tata Consultancy Services (TCS) has announced an expansion of its long-standing partnership with Phoenix Group, UK’s largest long-term savings and retirement provider, through a contract valued at over £600 million.

Here are the other key details-

- Mumbai-headquartered TCS will extend TCS BaNCSTM-based platform across Phoenix group’s consumer brands, enabling consistent customer experience.

-Phoenix Group acquired ReAssure, a UK-based life insurance provider, in 2020

-TCS Solution will help Phoenix transform end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention

-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.

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-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 policyholders, advisers, employers, and operational staff, and to continuously improve the service quality for Phoenix Group’s customers

Moreover, 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,” he added.

R Vivekanand, President, BFSI Products & Platforms, TCS said, "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."

"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," he added.

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