Tata Consultancy Services (TCS) announced that it 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. The financial details and tenure of the deal were not disclosed.
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, after that, in other European markets.
Nigel Dunne, CEO of Standard Life International DAC, said: “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.”
With this partnership, TCS will set up a customer operations centre 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.
“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,” said R Vivekanand, President of BFSI Products & Platforms, TCS.
TCS BFSI Products and Platforms is an end-to-end digital ecosystem that powers life journeys, pensions/annuities, property/casualty and health insurance providers. This SaaS-first platform helps companies manage enterprise simplification, deliver superior, omnichannel customer experience and achieve digital transformation.