TCS secures $700-million deal from UK insurer, largest this fiscal

London-based Phoenix Group Holdings Plc has agreed to a contract worth more than £600 million ($723 million) to digitally transform its product offering.

Tata Consultancy Services (TCS) on February 8 announced the expansion of partnership with existing  United Kingdom-based client Phoenix Group in a £600 million ($723 million) deal; it’s largest deal win in fiscal year 2023. The IT services major wins this deal in its second-largest global market, despite an increasingly cautious macro environment and uncertainty around client spending.

Phoenix Group is UK’s largest long-term savings and retirements provider. This will be TCS’ largest deal in the UK in three years.

The deal involves TCS driving synergies and enhance customer experience for life insurance provider ReAssure’s policyholders, which Phoenix Group acquired in 2020.  The expanded partnership is aimed at transformation of ReAssure’s operations, consolidating the heritage business on TCS BaNCS.

Customer administration and servicing of ReAssure’s 3 million policies will be managed by Diligenta, TCS’ regulated subsidiary in the UK, on behalf of Phoenix Group.

TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways to harness digital technologies to enhance the experience for policyholders, advisers, employers and operational staff, and to continuously improve the service quality for Phoenix Group’s customers.

“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,” Brid Meaney, CEO of Heritage Division, Phoenix Group, 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,” said R Vivekanand, President, BFSI Products and Platforms at TCS.

Speaking to Moneycontrol post the company’s Q3 earnings and commenting on the deal pipeline, CEO Rajesh Gopinathan had said that there is not much change in terms of the mix of deals from a size or a tenure perspective.

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