IT services major Tata Consultancy Services (TCS) on Tuesday said its partnership with Phoenix Group, Europe’s largest life and pensions consolidator, has been expanded to cover an additional 4.2 million policies.
“This will expand the overall scope by a further 4.2 million policies, taking the total number of policies managed by Diligenta, TCS’ regulated subsidiary in the UK, on behalf of Phoenix Group, to nearly 10 million,” TCS said in a regulatory filing.
The transformation is expected to take approximately three years to complete, with a number of Standard Life Assurance employees transferring to TCS by the end of that period, it added.
A key element of the partnership is TCS’ commitment to expand its already significant Scottish presence and establish a TCS technology and operations service hub in Edinburgh with a skilled team of experts from Standard Life.
Additionally, the hub will provide opportunities for Standard Life’s and TCS’ product experts to collaborate with end-users to envision new offerings, the filing said.
“Working in partnership with TCS will support our growth strategy in the workplace market and bring benefits to workplace clients and scheme members,” Standard Life Assurance CEO Susan McInnes said.
“It will accelerate our ability to innovate and efficiently evolve our proposition in the future, whilst continuing to deliver excellent customer service,” McInnes added.
TCS President BFSI Platforms Suresh Muthuswami said the company’s partnership with Phoenix has been going strong for 16 years.
“Our focus will be to bring the power of digital technologies to further improve customer experience to Standard Life Assurance’s customers including employers, employee benefit consultants and members…,” he said.
“We will be leveraging our presence in Edinburgh to enable Standard Life Assurances’ workplace clients and their advisers to collaborate and envision the future digital transformations to help shape our future offering,” he added.
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