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TCS expands partnership with UK’s Phoenix Group

Tata Consultancy Services Ltd. has expanded its partnership with the U.K.’s Phoenix Group to digitally transform its life insurance business, housed under ReAssure.

The £600-million (about Rs 6,000-crore) deal will result in a transformation of ReAssure’s operations, consolidating the heritage business on TCS BANCS—the core banking software suite of India’s largest IT services firm. Customer administration and servicing for ReAssure’s 3 million policyholders will be managed by TCS’ UK subsidiary, Diligenta.

TCS will leverage its Innovation Lab in the U.K. to build the experience for policyholders, advisers, employers, and operational staff and improve the service quality for Phoenix Group’s customers.

Phoenix Group, the U.K.’s largest long-term savings and retirement business, acquired ReAssure in 2020. TCS had won a $2 billion digital transformation deal from Phoenix Group in 2019.

“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,” Brid Meaney, chief executive officer of Phoenix Group’s heritage division, said in a statement on Wednesday. “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.”

At a strategic level, the digital transformation deal will integrate ReAssure’s business into the platform that’s being used by the Phoenix Group.

“Customer experience transformation has been a cornerstone of the TCS BaNCS platform’s value proposition,” R Vivekanand, president of TCS’ BFSI vertical, said. “Towards this, we have been continuously investing in product and service innovation, setting a benchmark in the UK life and pensions industry.” Bloomberg

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