NEST needed an intuitive and low-cost digital platform to accelerate pension delivery.
NEST was tasked with setting up and running a workplace pensions aimed at low-to-moderate earners. It was to be a next-generation pension reform scheme that encourages employers to enroll their eligible workforce into a qualifying workplace pension scheme and make contributions along with the employee contribution component. It addressed three macroeconomic challenges:
- Social and financial inclusion, targeting a new market segment
- Avail workplace pension services via rich user experience
- Scaling up to eight million savers
NEST selected Tata Consultancy Services as its IT solutions partner and scheme administrator, with TCS BaNCS for Insurance sitting at the heart of the scheme.
NEST implements TCS BaNCS for Insurance and improves customer service.
To meet NEST’s objectives, TCS BaNCS provided end-to-end scheme administration services – setting up an IT platform, infrastructure hosting, front and back office operations, and governance. As a highly customizable, secure, and scalable solution,
The solution facilitated self-service channels and enabled employer participation, enrolment of members, collection of premiums, account management, access to savings, and passage of funds to administrators. All the processes were built on the 'one and done' principle with the goal of reducing the number of human touch points to the bare minimum. TCS BaNCS for Insurance enabled paperless operations while delivering services securely through multiple channels – over the web as well managed contact centers – with fallback options for handling paper-based interactions. It is currently capable of serving up to five million members projected to be enrolled under the scheme by 2018.
“You could almost say that TCS is more NEST than NEST.”