Tata Consultancy Services (TCS), the country’s largest IT services firm, has won an over £600-million (about $723-million) contract with Phoenix Group, UK’s largest long-term savings and retirements provider, to digitally transform the latter’s ReAssure business using the TCS BaNCS-based platform. The deal is an expansion of TCS’s long-standing partnership with the Phoenix Group.
Phoenix Group acquired ReAssure, a UK-based life insurance provider, in 2020, and has now engaged with TCS to drive synergies and enhance customer experience for ReAssure’s policyholders. Through the expanded partnership, TCS will help Phoenix transform the end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention.
TCS said it will leverage its Innovation Lab in the UK to enhance the experience for policy holders, advisers, employers and operational staff, and to improve the service quality for Phoenix Group’s customers.
The deal comes at a time when large deals have not been robust for Indian IT services companies in the past few quarters as clients are preferring shorter and smaller deals that can be renewed as and when necessary. Large deals are critical for IT services companies to drive revenue acceleration and achieve double-digit growth.
“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,” said Brid Meaney, CEO of Heritage Division, Phoenix Group.
“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 & Platforms, TCS.