TCS and Phoenix Group Expand Longstanding Partnership
UK Life & Pensions Administration Market Leader, Tata Consultancy Services, to Deliver Digital Transformation for Enhanced Customer Experience and Greater Agility
LONDON | MUMBAI, November 29, 2018: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, today announced an expansion of its ongoing 12-year old partnership with the Phoenix Group, Europe’s largest life and pensions consolidator.
As part of the expanded relationship, TCS will deliver digital transformation to move additional policies onto the TCS BFSI Digital Platform, bringing the total number of policies under TCS’ administration to 5.5 million. The introduction of an enhanced digital solution for Phoenix Life’s customers and their intermediaries will improve the end-to-end customer journey via increased self-service options and by providing a consolidated view of policies.
The transformation will provide the Phoenix group with greater agility and additionally future-proof the organization. The expanded partnership further cements TCS’ position as the market leader in the UK life and pension administration market, with more than 18 million policies administered on its BFSI Digital Platform, powered by TCS BaNCS.
Tony Kassimiotis, Group COO, Phoenix Group, said: “Our vision is to become Europe’s Leading Life Consolidator. Our partnership with Diligenta, the FCA regulated subsidiary of TCS, is an essential part of fulfilling this vision, enabling us to take advantage of TCS’ increased scale and the latest advancements in digital technology and as a result, improve customer outcomes. We look forward to continuing our work together and growing our partnership.”
Suresh Muthuswami, President and Global Head, BFSI Platforms, TCS, said: “TCS is delighted to be working with Phoenix Group as its trusted digital innovation partner. In addition to our deep domain experience in the life and pensions industry and organisational agility, TCS is making significant investments in digital and data capabilities in its BFSI Digital Platform powered by TCS BaNCS. These combined strengths will enable TCS to deliver tangible improvements to Phoenix Group’s business through the delivery of enhanced customer experience.”
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 the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
Diligenta, the UK-based FCA regulated subsidiary of Tata Consultancy Services (TCS), is a leading provider of business process services for the Life and Pensions industry. Established in 2005, Diligenta has a consistent track record of delivering operational transformation to the L&P industry servicing over 18 million Life and Pension policies in UK.
A part of the Tata group, India's largest multinational business group, TCS has over 400,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 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.
About Phoenix Group
Phoenix Group is a European life consolidator, specialising in the acquisition and management of closed life insurance and pension funds – known as heritage books. Phoenix is Europe’s largest life and pensions consolidatorbut also runs an open book underpinned by a strategic partnership with Standard Life Aberdeen. The Group is a member of the FTSE 250 index, and has over 10.1 million policies and £240 billion of assets under management – including the recently acquired Standard Life Assurance business. With operations in the United Kingdom, Ireland and Germany, the Group has five operating life companies which hold policyholder assets, and a distribution business, SunLife Limited.
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