TCS partners with Standard Life International DAC for digital transformation
Tata Consultancy Services (TCS), an industry leader in IT services, consulting, and business solutions, has announced a strategic partnership with Standard Life International DAC (SLIDAC), a wholly owned subsidiary of Phoenix Group.
This collaboration seeks to revolutionize Standard Life International DAC’s operating model and significantly enhance customer experience using TCS Digital Platform for Life and Pensions, underpinned by TCS BaNCS.
Building upon a long-standing and successful partnership with the Phoenix Group in the UK, Tata Consultancy Services aims to extend its digital transformation prowess to policyholders in Germany and Austria, and potentially other European markets. Tata Consultancy Services’ UK subsidiary, Diligenta, currently digitally manages and administers over 10 million policies for Phoenix Group.
Nigel Dunne — Standard Life International DAC 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.
“Leveraging the advantages of our strategic relationship with TCS, a leading global organization, will support our growth strategy in Europe and bring benefits to both our customers and advisers. This is a real opportunity to help us accelerate our ability to innovate and efficiently evolve our customer proposition in the future.”
Tata Consultancy Services and Standard Life International DAC to enhance customer experience in life and pensions sector in Europe. Photo courtesy of Aashijo/Wikimedia Commons.
Under the new partnership, Tata Consultancy Services will establish a dedicated customer operations center in Germany and develop a future-ready Life and Pensions Digital Platform for both the German and Austrian markets, ensuring scalability to other European territories.
Over 400,000 policies, encompassing Standard Life International DAC’s German and Austrian life and pension portfolios, are slated for migration to Tata Consultancy Services’ platform. This endeavor promises to deliver comprehensive, omnichannel, journey-based digital experiences for policyholders and advisors alike.
The platform’s remarkable flexibility and robust features will empower Standard Life International DAC to rapidly launch innovative new products, strengthen risk management and control mechanisms, and fortify regulatory compliance. At a strategic level, this initiative is set to significantly boost Standard Life International DAC’s and Phoenix Group’s capacity to swiftly adapt to market changes in Europe and seize new growth opportunities.
TCS BFSI Products and Platforms, an end-to-end digital ecosystem, fuels the journeys of life, pensions/annuities, property/casualty, and health insurance providers. As a SaaS-first platform, it enables companies to simplify enterprise operations, deliver superior, omnichannel customer experiences, and accomplish their digital transformation goals.
R Vivekanand — Tata Consultancy Services President of BFSI Products & Platforms said: “We are delighted to expand our long-standing partnership with the Phoenix Group to include SLIDAC’s policyholders in Europe, and extend to them, the same digital omnichannel experiences that have made us a market leader in the United Kingdom.
“With TCS’ Digital Platform for Life and Pensions powered by TCS BaNCS, Standard Life International DAC will have a future-ready digital core that enhances its agility and will support its growth aspirations in Europe.”