Under the alliance, TCS will establish a customer operations centre and a life and pensions digital platform in Germany and Austria.
The tie-up will see TCS migrate more than 400,000 policies from SLIDAC’s German and Austrian life and pension books to its platform, which can be expanded to other European markets.
Powered by TCS BaNCS, the new platform is anticipated to allow SLIDAC to introduce new products more quickly, enhance risk management and controls, and reinforce regulatory compliance.
SLIDAC CEO Nigel Dunne said: “Leveraging the advantages of our strategic relationship with TCS, a leading global organisation, will support our growth strategy in Europe and bring benefits to both our customers and advisers. This is a real opportunity to help us accelerate our ability to innovate and efficiently evolve our customer proposition in the future.”
SLIDAC is a subsidiary of UK-based insurance company Phoenix Group, an existing partner of TCS.
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TCS BFSI products and platforms president R Vivekanand said: “We are delighted to expand our long-standing partnership with the Phoenix Group to include SLIDAC’s policyholders in Europe and extend to them, the same digital omnichannel experiences that have made us a market leader in the United Kingdom.
“With TCS’ Digital Platform for Life and Pensions powered by TCS BaNCS, Standard Life International DAC will have a future-ready digital core that enhances its agility and will support its growth aspirations in Europe.”
Earlier this year, TCS formed a partnership to digitally transform Phoenix Group’s ReAssure business and provide administration services.