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TCS receives $720mn contract from UK-based Phoenix Group

India’s largest technology services exporter Tata Consultancy Services (TCS), has bagged a contract from UK-based financial services company Phoenix Group in a deal valued over $720 million (£600 million), marking this as one of the largest deals the firm has had in the current fiscal.

This announcement was made public through a stock exchange notification.

TCS already works with Phoenix Group. The life insurance company ReAssure, which Phoenix Group purchased in 2020, would see significant transformation due to the Indian IT company’s involvement.

For the benefit of ReAssure policyholders, TCS will use its banking solution platform BaNCS to foster synergies and improve customer experience.

Besides, Diligenta, a TCS subsidiary in the UK, will manage ReAssure’s three million policies on behalf of 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…” said R Vivekanand, President, BFSI Products & Platforms, TCS.

The tech services company will also make use of its Innovation Lab in the UK, where its contextual experts and solution architects look for new strategies to utilising digital technologies to improve the experience for policyholders, advisers, employers, and operational staff, as well as to continually improve the quality of service for Phoenix Group’s customers.

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

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