Tata Consultancy Services’ Flagship Platform and Business Services will Help Deliver Differentiated Customer Experiences and Drive Growth for the New Joint Venture Between AIB and Great-West Lifeco
PRESS RELEASE
LETTERKENNY | MUMBAI, July 24, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has helped AIB life, the newly formed joint venture between Allied Irish Banks plc and Great-West Lifeco, launch operations in Ireland with a future-ready, digitally enabled, platform that supports its vision to help people on their path to financial security, one step at a time.
TCS was selected as the strategic partner to help build a digital first, full-service life company for the Irish market. TCS helped create a modern, cloud-based technology stack ground up, with its flagship insurance platform TCS BaNCS™ at the core that gives AIB’s 3.2 million customers the ability to access financial advice and a range of integrated AIB life protection, pensions, and investment products in their branch, by phone and via the AIB mobile banking app. The solution also integrates with AIB’s nationwide network of 120 financial advisors from whom customers can seek financial guidance.
TCS BaNCS’ configurability and rich functionality will enable AIB life to launch innovative new products and services. The entire solution is hosted on the cloud and its digital-first architecture provides APIs to enable easy integration with ecosystem partners to co-create new joint offerings.
In addition to designing and deploying the enabling technology stack, TCS will also provide IT, customer, and claims handling services for AIB life in a managed insurance services model. The end-to-end policy administration services will be provided from the TCS Global Delivery Centre in Letterkenny, Co. Donegal.
“Financial services firms and their customers around the world are benefitting from the rich functionality and omnichannel experiences offered by TCS BaNCS. Its Digital First, Cloud First architecture is tailor-made for the digital-first approach that AIB life has taken. We are delighted to support the launch of AIB life and be a partner in the exciting journey ahead,” said Vivekanand Ramgopal, President, BFSI Products and Platforms, TCS. “TCS BaNCS’ digital capabilities and configurability will help AIB life differentiate itself in the Irish market with innovative offerings that seamlessly support its customers in their personal financial journeys.”
Jacquie Doyle, COO, AIB life, said: “The Joint Venture between AIB and Great-West Lifeco, which will provide AIB customers with exclusive access to AIB life protection, pensions, and investment products, has entered into a 10-year partnership with TCS to build and operate a future-ready digital infrastructure that enables customers to more effectively plan their finances and investments.
“After an extensive review of the market, it was clear that TCS’ contextual industry knowledge, European cloud-based technology and global delivery team based in Letterkenny meant that they would be the perfect partners for us. As we look to grow this new greenfield life company, it is key that we build this on a foundation of cutting-edge technology. The global delivery centre in Letterkenny, where we will be servicing AIB life customers, will allow us to help our customers understand and improve their financial wellbeing and the financial security of their families and businesses.”
TCS is one of the world’s largest providers of services and solutions to the financial services industry and has been helping leading banks and financial institutions across the world in their growth and transformation journeys. Using its deep domain expertise, contextual knowledge, intellectual property and knowledge of global regulatory norms and risk management guidelines, TCS helps its customers leverage high levels of intelligent automation to reimagine their operations, enhancing their agility and competitiveness. For more information about TCS BFSI Products and Platforms, visit https://www.tcs.com/what-we-do/products-platforms/tcs-bancs
AIB life is a joint venture between AIB and Great-West Lifeco. AIB life offers protection, pensions and investment products exclusively available to AIB’s 3.2 million customers. AIB customers can avail of advice and support from AIB’s network of 120 Financial Advisors nationwide. Once customers have been suitably advised, they gain access to the AIB life hub via the AIB Mobile Banking app. AIB life is on a mission to help customers feel financially secure about their future.
AIB life is the first full-service technology led life company to be designed and built in the Irish market in a generation. It has been built from the ground up, with modern technology that is fully cloud based.
TCS BaNCS for Insurance is part of BFSI Products and Platforms. TCS BFSI Products and Platforms is an end-to-end digital ecosystem that powers the journeys of life, pensions/annuities, property/casualty, and health insurance providers. This SaaS-first platform helps companies manage enterprise simplification, deliver superior, omnichannel customer experience and achieve digital transformation.
TCS BaNCS for Insurance is an end-to-end core insurance solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance, and is designed to support every event in the lifecycle of a policy. The TCS BaNCS for Insurance solution services over 30 MN Life, Annuity and Pension Policies and 135 MN Property and Casualty policies across the globe, spanning customers in UK, Australia, New Zealand, South Africa, Middle East, Hong Kong, and India. The insurance platforms business has enabled 95% digital processes with STP and is one of the largest auto-enrolment providers in the UK, with more than 70% of market share of small and micro businesses.
To know more about TCS BaNCS, please visit: https://www.tcs.com/what-we-do/products-platforms/tcs-bancs
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 55 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile™ 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 615,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, and is listed on the BSE and the NSE 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 MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com