Corporate

Phoenix Group, based in the UK, has awarded TCS a contract worth $720 million

• ByAmbi Das     |    February 8, 2023

Tata Consultancy Services (TCS), India’s leading tech services exporter, has secured a contract worth over $720 million (£600 million) from UK-based financial services firm Phoenix Group, making it one of the biggest deals the company has landed in the current fiscal year.

Phoenix Group has announced, through a stock exchange notification, that they have partnered with the Indian IT company TCS. TCS, who is already a customer of Phoenix Group, will be playing a crucial role in transforming Phoenix Group’s life insurance business, ReAssure, which they acquired in 2020.

TCS will utilize their banking solution platform, BaNCS, to improve customer experience and drive synergies for ReAssure’s policyholders. Additionally, the three million policies of ReAssure will be handled by Diligenta, a subsidiary of TCS in the UK, on behalf of Phoenix Group.

“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…” said R Vivekanand, President, BFSI Products & Platforms, TCS.

The tech services company will utilize its UK-based Innovation Lab to continually enhance the customer experience. Their team of experts and solution architects will search for innovative methods to utilize digital technology, benefiting policyholders, advisors, employers, and operational staff. This will result in a continuous improvement in the quality of services provided by Phoenix Group.

“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,” said Brid Meaney, CEO of Heritage Division, Phoenix Group.

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