Mumbai and London: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organisation, announced, today, that Diligenta, its UK-based, Financial Services Authority-regulated subsidiary, has successfully concluded a multi-year, multi-million dollar transformation project at Phoenix Group, the UK's largest specialist consolidator of closed life funds. This unprecedented programme involved replacing and decommissioning 11 major life and pension administration systems, hundreds of peripheral systems and migrating more than four million policies and customer records, across multiple brands and product lines into TCS BaNCS Insurance.
"This is a significant deal that secures TCS BaNCS' position as one of the major platforms in the UK life and pensions industry," said Jamie Macgregor, senior analyst, Celent. "A platform transformation on this scale should deliver Phoenix's customers with a much improved customer experience, a more rapid response to change, and a reduced cost to serve."
Tony Kassimiotis, managing director, Phoenix Group, said, “This move forms part of the Phoenix Group’s strategy to be recognised as the industry solution for the safe, innovative and profitable decommissioning of closed life funds — by maximising economies of scale and generating capital efficiencies through operational improvements. This transformation project will streamline services to improve the experience for our customers and we are delighted with the way TCS and Diligenta have ensured its smooth delivery.”
Commenting on the conclusion of this project, N Ganapathy Subramaniam, president, TCS Financial Solutions, said, “TCS BaNCS is now positioned with proof points to deliver significant benefits around business process re-engineering, product rationalising and disparate data migrations. A simplified IT landscape not only enhances efficiencies for Phoenix Group but delivers best-in-class customer experience as well.”
Suresh Menon, CEO, Diligenta, said, ”This project not only demonstrates our growing stature in the UK but reinforces our leadership as a utility provider to the life and pensions segment of the UK insurance industry. Close collaboration was the key element of this landmark engagement, as Phoenix, Diligenta and TCS teams worked across regions and time zones to make this programme a reality.”