Tata Consultancy Services Completes First Phase of Insurer’s Transformation Journey: New Platform Simplifies Processes and Delivers Enhanced Experience to Policyholders
LONDON | MUMBAI, July 8, 2019: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT, consulting and business solutions organisation, has crossed a major milestone by successfully completing the first phase of implementation of the TCS BaNCS Insurance Platform as part of a business transformation programme for Scottish Widows, the life and pensions arm of Lloyds Banking Group.
Deploying TCS’ platform has reduced operating procedures to the extent of 80 per cent, significantly reducing the turnaround times. Consequently, Scottish Widows’ policy holders have started enjoying improvements to their experience, with clearer communications through the Unified Communications Hub. The simplified processes and consolidated customer data have empowered customer service representatives to achieve 80% first point of contact query resolution rate.
Donald MacKechnie, COO Lloyds Banking Group, Insurance and Wealth, said, “I am pleased with the progress we have made with TCS on our transformation journey. Our first phase has been completed successfully. Simplifying and modernising our systems will help us provide a better service for our customers.”
Suresh Muthuswami, Global Head, Banking, Financial Services and Insurance Platforms, TCS, said, “This is the first step in our customer experience transformation journey with Scottish Widows and it is exciting to see the early benefits delivered from the TCS BaNCS Insurance Platform. This milestone is made possible thanks to our shared culture and customer ethos. By putting customer expectations at the heart of this transformation process and focusing on reducing complexity, we have achieved a new scale of mass personalisation that will give millions of customers an enhanced experience.”
TCS entered into a 15-year partnership with Scottish Widows in September 2017 for a core transformation to replace multiple legacy systems with the TCS BaNCS platform, simplify the operating model, deliver a superior customer experience, and reduce risk, while providing end-to-end policy administration services to 4 million customers.
The TCS BaNCS Insurance Platform is a digitally-enabled, end-to-end policy administration platform that manages life, pensions and investment products, with over 20 million policies currently under administration in the United Kingdom. It is a complete, open architecture solution with an integrated business rules engine, encompassing policy administration, data management, integrated imaging, and workflow administration.
About Scottish Widows
Part of Lloyds Banking Group, Scottish Widows was founded in 1815 as Scotland’s first mutual life office and is one of the most recognised brands in the life, pensions and investment industry in the UK. Scottish Widows has ‘5 Star’ Financial Adviser service awards in Life & Pensions, Investments and Mortgages.
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 business, technology and engineering services and solutions. This 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 424,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, 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.
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