Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced an expansion of its long-standing partnership with Phoenix Group, UK's largest long-term savings and retirements provider, to digitally transform the latter's ReAssure business using the TCS BaNCS™ based platform.
Phoenix Group acquired ReAssure, a UK-based life insurance provider, in 2020, and has now engaged with TCS to drive synergies and enhance customer experience for ReAssure's policyholders. The expanded partnership will result in a transformation of ReAssure's operations, consolidating the heritage business on the same future-proof TCS BaNCS™ based digital platform used to administer Phoenix Group's other books of business. Customer administration and servicing of ReAssure's 3 million policies will be managed by Diligenta, TCS' regulated subsidiary in the UK, on behalf of Phoenix Group. The contract for the end to end business transformation including administration services is valued at over £600 million.
TCS' solution will help Phoenix transform the end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention. TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways of harnessing digital technologies to enhance the experience for policy holders, advisers, employers and operational staff, and to continuously improve the service quality for Phoenix Group's customers.
At a strategic level, this business transformation initiative will integrate the ReAssure business into the resilient platform that has been enabling Phoenix Group to quickly respond to changes in the environment, and seize new opportunities for growth.
Brid Meaney, CEO of Heritage Division, Phoenix Group said: "We continually review our operating model to ensure it is meeting the evolving needs of our customers on their journey to and through retirement. Our strong partnership with TCS enables us to benefit from their proven capabilities and digital core as we continue to consolidate policies onto the TCS BaNCS platform. Ultimately, this transformation will ensure that Phoenix's customers benefit from the clear digital focus, consistent customer journeys and customer proposition provided by one platform."
"Customer experience transformation has been cornerstone of the TCS BaNCS™ platform's value proposition. Towards this, we have been continuously investing in product and service innovation, setting a benchmark in the UK life and pensions industry. We are delighted to further expand our long-standing partnership with Phoenix Group to digitally transform its ReAssure business, drive synergies and improve the end-to-end customer experience," said R Vivekanand, President, BFSI Products & Platforms, TCS.
Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3470.65 as compared to the previous close of Rs. 3460.00. The total number of shares traded during the day was 80033 in over 7769 trades.
The stock hit an intraday high of Rs. 3492.00 and intraday low of 3460.15. The net turnover during the day was Rs. 278383431.00.