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TCS Helps Legal & General Successfully Transfer 1.1 Million Policies to ReAssure

Posted On: 2020-10-14 23:42:33

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."

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2809.8 as compared to the previous close of Rs. 2825.65. The total number of shares traded during the day was 86667 in over 5818 trades.

The stock hit an intraday high of Rs. 2840.15 and intraday low of 2788.95. The net turnover during the day was Rs. 243426892.

Source: Equity Bulls

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