TCS inks £600 mn tech deal with Phoenix Group

Tata Consultancy Services (TCS) announced a £600 million tech deal with Phoenix Group, UK’s largest savings and retirements provider, to transform its ReAssure business using the TCS BaNCS based platform.
TCS NetherlandsPhoenix Group, which acquired ReAssure, a UK-based life insurance provider in 2020, has now engaged with TCS to drive synergies and enhance customer experience for ReAssure’s policyholders. Diligenta, TCS’ subsidiary in the UK, will manage customer administration and servicing of ReAssure’s 3 million policies.

The contract for the end to end business transformation including administration services is valued at over £600 million.

TCS’ solution will help Phoenix transform the customer service through self-service across channels and analytics to enhance customer satisfaction and retention. TCS will leverage its Innovation Lab in the UK to enhance the experience for policy holders, advisers, employers and staff.

Brid Meaney, CEO of Heritage Division, Phoenix Group 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.”