The £600m partnership will see TCS digitally transform Phoenix’s ReAssure business and provide administration services.
ReAssure is a UK-based life insurance company, which was acquired by Phoenix in 2020.
TCS will use TCS BaNCS based digital platform to transform ReAssure’s operations.
Diligenta, a regulated subsidiary of TCS in the UK, will be in charge of managing customer administration and servicing for ReAssure’s three million policies for Phoenix.
TCS’ solution will also be used to transform Phoenix’s end-to-end customer service and the consultancy’s UK-based innovation lab will aid in enhancing policyholders, advisers, employers and operational staff’s experience.
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Phoenix Group CEO of heritage division Brid Meaney said: “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.”
TCS president, BFSI products & platforms R Vivekanand said: “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.”