TCS Helps Legal & General Successfully Transfer 1.1 Million Policies to ReAssure
Tata Consultancy Services’ Highly Automated Approach Enables the Secure and Seamless Transfer of L&G’s Mature Savings Business within a Tight Transfer Window
LONDON | MUMBAI, October 15, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, has helped Legal & General (L&G), one of the UK’s leading financial services companies and a major global investor, successfully complete the transfer of its insurance-based savings, pensions, life and with-profits policies to ReAssure (now part of the Phoenix Group).
In December 2017, L&G announced the sale of its Mature Savings division to ReAssure in a £650 million deal. As L&G’s strategic partner, TCS provided end-to-end IT solutions support for the complex transfer program, involving 1.1 million policies representing assets worth over £30 billion. TCS leveraged its deep contextual and domain knowledge to deliver GDPR compliant solutions covering over 130 applications.
TCS built and implemented a solution to securely extract, transfer and subsequently delete large volumes of in-scope data from a complex and integrated IT estate without impacting the existing business. Additional solutions were designed to allow inflight business transactions to seamlessly transfer from L&G to ReAssure in case of a successful transfer or remain operational within L&G in case of a failed transfer event, with minimal manual intervention.
With careful and detailed planning, TCS could successfully extract and securely transfer over 8.9 billion rows of data, within the very short transfer window of 16 hours, achieving peak extraction and packaging rates of over 500 million records per hour. Post-transfer issue incidence is reportedly the lowest experienced to date, for a migration of this size.
The critical implementation phase of the program was carried out during the COVID-19 pandemic with zero disruption, leveraging TCS’ Secure Borderless Workspaces™, a transformative operating model that allows organizations to fully and seamlessly transition to virtual workspaces.
“TCS has been part of this strategic journey since 2017 and worked closely with the L&G team to take timely actions to ensure regulatory compliance, optimise outcomes whilst ensuring no material detriment to the business and our customers,” said Feargal Supple, Project Sponsor, L&G.
“Our domain knowledge of the UK insurance industry, past experience in large-scale policy migrations and deep contextual knowledge of L&G’s business helped us navigate through the complex challenges involved, and successfully transfer such a large book of business to ReAssure,” said Vinay Singhvi, BFSI Business Unit Head – UK, TCS. “This latest success further deepens our long-standing partnership with L&G in their transformation journey to build a robust, resilient and futuristic business.”
About Legal & General Group Plc
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With over £1 trillion in total assets under management, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pensions de-risking, life insurance, workplace pensions and retirement income. We have also invested over £19 billion in direct investments such as homes, urban regeneration, clean energy and small business finance.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 453,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
TCS global news, follow @TCS_News.
TCS Media Contacts
Phone: +65 9138 4370
Australia and New Zealand
Phone: +61 422 989 682
Phone: +31 615 903387
Phone: +1 647 790 7602
Phone: +91 22 6778 9960
Middle East & Africa
Phone: +81 80 2115 0989
Phone: +569 6170 9013
Phone: +44 20 3155 2421
Phone: +1 203 984 3978