Tata Consultancy Services (TCS) has entered into a strategic partnership with Standard Life International DAC (SLIDAC), a wholly owned subsidiary of the Phoenix Group, to transform its operating model and enhance the customer experience for its policyholders in Europe, using the TCS Digital Platform for Life and Pensions, powered by TCS BaNCS™, the company announced on Monday through an exchange filing.
TCS has had a long-standing partnership with the Phoenix Group in the UK, where its UK subsidiary Diligenta, has digitally transformed the operating model and administers more than 10 million policies for the latter. The two organizations are keen to replicate this successful model, extending the same enhanced digital experience to policyholders in Germany and Austria, and thereafter in other European markets.
With this partnership, TCS will set up a customer operations center in Germany, and a future-ready Life and Pensions Digital Platform for Germany and Austria, with capabilities to extend into other European markets. TCS will initially transform and migrate more than 400,000 policies comprising SLIDAC’s German and Austrian life and pension books to its platform, and create comprehensive, omnichannel, journey-based digital experiences for policyholders and advisors.
The platform’s configurability and rich functionality will enable SLIDAC to launch innovative new products more quickly, improve risk management and controls, and strengthen regulatory compliance. At a strategic level, this business transformation initiative will enable SLIDAC’s and Phoenix Group’s ability to quickly respond to changes in its European markets and seize new opportunities for growth.
“We continually review our operating model to ensure it is meeting the evolving needs of our customers on their journey to and through retirement. Leveraging the advantages of our strategic relationship with TCS, a leading global organization, will support our growth strategy in Europe and bring benefits to both our customers and advisers," said Nigel Dunne, CEO, Standard Life International DAC.
“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," said R Vivekanand, President, BFSI Products & Platforms, TCS.
The shares of TCS on Monday at 11:47 am IST were at Rs 3,195, down by 0.66 percent.