TCS expands its long-term partnership deal with Phoenix Group
Bengaluru, India-November 13, 2019: Tata Consultancy Services declared an extension of its long-term partnership with Phoenix Group, Europe’s largest life and pension consolidator to initiative the growth and transformation of the Standard life business and encounters the upcoming needs of its customer, work place clients and their advisers.
The extended partnership will result in the digital transformation of Standard Life’s pension and savings operations on to the TCS BFSI digital platform, powered by TCS BaNCS&trade. This will enlarge the overall scope by a future of 4.2 million policies, taking the entire number of policies by Diligenta, TCS regulated subsidiary in UK, on behalf of Phoenix Group to closely 10 million.
The extremely automated, open architecture and agile platform will permit Standard Life to partner
with a variety of innovators and specialists as it continues to develop its broader workplace offerings. Its deeply flexible product definition capability will later accelerate Standard Life’s speed to market to encounter the evolving needs of workplace advisers, employers and their structure members, and will provide much richer insights for workplace clients. TCS will also expand its presence in Scotland following this deal, with an operations service hub in Edinburgh.
“We will be servicing active as well as new products, yet be introduced to the market, all of them centered on our flagship product TCS BaNCS,” said Suresh Muthuswami, President, BFSI Platforms, TCS. “The partnership will significantly expand our Open Book capabilities, and adds further to our already extensive experience in complex migrations.”
The company has not revealed the deal financially or duration except that it is a long term multi-year deal. This deal will further add capacity to TCS’s regional markets portfolio which is where TCS platforms performance is reported. The company has newly introduced the BaNCS platform to US markets and is in the process of localizing the solution. Last year TCS had extended its 12 year old partnership with Phoenix Group to add 5.5 million policies to the table. The deal will mainly concentrate on transforming customer experience as well as enterprise transformation. “TCS already services around 35 million policies globally through the platform business and this partnership will take their portfolio up to 40 million with a strong presence in open book deals”. Said Muthuswami.
“We believe a partnership model is absolutely the right approach. It enables us to work with a leading global organisation with great expertise and to respond to the dynamic environment that we’re operating in. Working in partnership with TCS will support our growth strategy in the workplace market and bring benefits to workplace clients and scheme members,” said Susan McInnes, CEO of Standard Life.