TCS Secures Rs 5600 Crore Deal From UK Insurance Company: TCS Will Manage 30 Lakh Policies, Digitally Transform Operations – Trak.in

TCS on February 8 announced the expansion of its partnership with UK-based client Phoenix Group in a £600 million ($723 million) deal.

TCS Secures Rs 5600 Crore Deal From UK Insurance Company: TCS Will Manage 30 Lakh Policies, Digitally Transform Operations

Largest deal this fiscal year

This is TCS’ largest deal win in fiscal year 2023.

It is also a win in its second-largest global market, despite an increasingly cautious macro environment and uncertainty around client spending.

What the deal involves

Phoenix Group is UK’s largest long-term savings and retirements provider and will also be TCS’ largest deal in the UK in three years.

The deal involves TCS driving synergies and enhancing customer experience for life insurance provider ReAssure’s policyholders, which Phoenix Group acquired in 2020.

The expanded partnership is aimed at transforming ReAssure’s operations, consolidating the heritage business on TCS BaNCS.

How TCS will contribute

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.

TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways to harness digital technologies to enhance the experience for policyholders, advisers, employers and operational staff, and to continuously improve the service quality for Phoenix Group’s customers.

“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,” Brid Meaney, CEO of Heritage Division, Phoenix Group, said.

Customer experience transformation

“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,” said R Vivekanand, President, BFSI Products and Platforms at TCS.

Little change in deal mix from size or tenure perspective

Speaking to Moneycontrol post the company’s Q3 earnings and commenting on

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Pensions and insurance company to shed 460 jobs

Around 460 jobs are expected to go at a pensions and insurance company in Shropshire.

ReAssure in Telford is part of the Phoenix Group, which said it was extending its longstanding partnership with its IT service provider and will be moving the customer servicing for ReAssure customers to TCS Diligenta in a move it said would consolidate the majority of its policies onto one platform.

While it is projecting around 460 roles to be made redundant, the company said it would be creating some additional customer servicing roles in Telford as it consolidates work.

A number of roles will also move to TCS Diligenta in the Telford offices to continue looking after customers, which is planned to take place in 2024.

The company said: “We are working through which roles will be impacted and will ensure our colleagues are notified as soon as any further decisions are made. A support package for all impacted colleagues is in flight, to support with leading through change and also outplacement activity including career coaching, CV writing and interview techniques and job searches.

“In addition, we are exploring opportunities to link in with local employers in the affected areas.”

Phoenix Group CEO Andy Briggs 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. Since the acquisition of ReAssure in 2020, Phoenix has been operating two customer administration platforms concurrently.

“This gave us optionality in the short-term, but over the long term, it makes more sense to consolidate policies onto the TCS BaNCSTM platform. It will remove duplicate investment, fully leverage the advantages of our strategic relationship with TCS and ensure we maintain cost efficiency. It will enable Phoenix customers to benefit from the clear digital focus, consistent

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