Tata Consultancy Services bags £600m digital transformation contract from Phoenix Group

Tata Consultancy Services (TCS) has been engaged by Phoenix Group under a contract worth over £600 million for the digital transformation of the British long-term savings and retirements provider’s ReAssure business using the TCS BaNCS based platform.

In 2020, Phoenix Group acquired ReAssure, which is a life insurance provider based in 2020. The former expects Tata Consultancy Services to bring in synergies and improve customer experience for the policyholders of ReAssure.

Tata Consultancy Services said that the expanded partnership with Phoenix Group will lead to a transformation of the operations of ReAssure. The Indian IT company will consolidate the heritage business on the Alpha platform of the life insurance provider on the same TCS BaNCS based digital platform, which is being used for administering the other books of business of Phoenix Group.

Brid Meaney — Phoenix Group Heritage Division CEO 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.”

Tata Consultancy Services bags £600m digital transformation contract from Phoenix Group. Photo courtesy of Bread Bailey/Wikimedia Commons.

According to Tata Consultancy Services, its regulated subsidiary in the UK — Diligenta, on behalf of Phoenix Group, will manage the customer administration and servicing of the three million policies of ReAssure.

Tata Consultancy Services said that its solution will help Phoenix Group in transforming the end-to-end customer service using self-service across channels and analytics to improve both customer satisfaction and retention.

The Indian IT services provider will utilize its Innovation Lab in the UK for boosting the experience for policy holders, employers, advisers, and operational staff, and to enhance continuously the service quality for the customers of Phoenix Group.

R Vivekanand — Tata Consultancy Services BFSI Products and Platforms President said: “Customer experience transformation has been 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.”