Tata Consultancy Services (TCS) announced an expansion of its long-standing partnership with Phoenix Group, the UK’s largest long-term savings and retirement provider, to digitally transform the latter’s ReAssure business using the TCS BaNCS.
The contract for the end-to-end business transformation, including administration services, is valued at over £600 million.
Phoenix Group acquired ReAssure, a UK-based life insurance provider, in 2020. Phoenix Group has now engaged with TCS to drive synergies and enhance the customer experience for ReAssure’s policyholders
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TCS Solution will help Phoenix transform end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention.
“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,” said a press release.
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 policyholders, advisers, employers, and operational staff, and to continuously improve the service quality for Phoenix Group’s customers.
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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 retirement journey. 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.”
R Vivekanand, President, BFSI Products and Platforms, TCS, “Customer experience transformation has been a 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.”