TCS expands its long-term UK BFSI platform deal with Phoenix Group

Tata Consultancy Services(TCS) has recently expanded its partnership with the Phoenix Group, which is one of Europe's largest life and pensions consolidators.

TCS will accelerate the digital transformation of the Phoenix Group Standard Life Business. The company saving and pension operations, hosted on the TCS BFSI digital platform that will be powered by the TCS BaNCS.

Phoenix Group acquired the Standard Life Assurance for the £3.2 billion in the year 2018.

As a part of the recent partnership, TCS will help expand the scope to an additional 4.2 million policies. Diligenta, TCS's subsidiary in the UK, is managing the policies and the latest partnership takes te policy count to around 10 million, says the company announcement. TCS already, as of now, handles 5.5 million phoenix policies.

Executive Opinion

CEO of Standard Life, Susan McInnes, said, "We want to ensure we lead the way in meeting the needs and expectations of all our customers in the future and become an even more innovative, progressive, well-run business. We believe a partnership model is absolutely the right approach. It enables us to work with a leading global organization 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. It will accelerate our ability to innovate and efficiently evolve our proposition in the future whilst continuing to deliver excellent customer service."

President, BFSI Platforms, TCS, Suresh Muthuswami, said, "We are delighted to expand our long-standing partnership with Phoenix Group to digitally transform Standard Life’s operations to speed up product innovation and further improve the experience for their customers. The partnership will significantly expand our Open Book capabilities and adds further to our already extensive experience in complex migrations. We are pleased that our highly scalable, the best-in-class digital platform, will help Standard power Life in the future."

TCS BaNCS Cloud 

TCS BaNCS Cloud is a Software as a Service (SaaS) platform that offers end to end business operations management capability while simplifying operations. TCS also offers BaNCS Cloud as a managed services model, with TCS running the operations on behalf of customers.
The whole digital transformation journey is even estimated to take close to three years. As a part of this change, many of the Standard Life employees are moving to the TCS, notes the announcement.

The Indian IT major is also opening a technology and operations service hub in Edinburgh, Scotland. The hub will also act as an incubation zone to collaborate with the end-users and get insights for future product offerings.

In April, TCS used cash coins on the Quartz Blockchain-powered BaNCS Network to successfully execute cross-border securities settlement between two central securities depositories (CSDs).
In September, Tata Consultancy Services (TCS) said that the company rolled out TCS BaNCS Cloud Platform for the Asset Servicing across all the markets.
The company also said that the Manchester-based Voyager Alliance Credit Union will use its TCS BaNCS Cloud for Core Banking to facilitate the digital transformation.