TCS Expands Partnership With U.K.'s Phoenix Group With £600-Million Deal
Tata Consultancy Services will digitally transform the life insurance business of ReAssure, which Phoenix Group acquired in 2020.
Tata Consultancy Services Ltd. has secured its largest U.K. deal in three years with a new agreement with an insurance services provider.
London-based Phoenix Group Holdings Plc has agreed to a contract worth more than £600 million (about Rs 6,000 crore) to digitally transform its product offering, TCS said in a statement on Wednesday.
As part of the deal, India’s biggest outsourcer will integrate Phoenix-owned life and pensions provider ReAssure’s heritage business on TCS BANCS—its core financial services platform. TCS’ UK subsidiary, Diligenta, will manage customer administration and servicing for ReAssure’s 3 million policies. TCS will also 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 of Phoenix Group’s heritage division, said in the statement. "Ultimately, this transformation will ensure 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."