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Phoenix Group expands strategic partnership with TCS

Tata Consultancy Services (TCS) is expanding its long-term partnership with Phoenix Group, Europe’s largest life and pensions consolidator, to drive the growth and transformation of the firm’s Standard Life business. The expanded partnership will result in the digital transformation of Standard Life’s pensions and savings operations onto the TCS BFSI Digital Platform, powered by TCS BaNCS. 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.

The automated, open architecture and agile platform will allow Standard Life to continue to develop its wider workplace offering. 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 team from Standard Life and TCS to support the partnership and work towards excellence in customer service.

The hub will provide opportunities for Standard Life’s and TCS’ product experts to collaborate with end-users on developing new offerings. The transformation is expected to take approximately three years to complete, with a number of Standard Life employees transferring to TCS by the end of that period.

Susan McInnes, CEO of Standard Life said: “We want to ensure we lead the way in meeting the needs and expectations of all our customers in the future, and become an even more innovative, progressive, well run business. We believe a partnership model is absolutely the right approach. It enables us to work with a leading global organisation with great expertise and to respond to the dynamic environment that we’re operating in. Working in partnership with TCS will support our growth strategy in the workplace market and bring benefits to workplace clients and scheme members. It will accelerate our ability to innovate and efficiently evolve our proposition in the future, whilst continuing to deliver excellent customer service.”

“We are delighted to expand our long-standing partnership with Phoenix Group to digitally transform Standard Life’s operations to speed up product innovation and further improve the experience for their customers,” said Suresh Muthuswami, President, BFSI Platforms, TCS. “The partnership will significantly expand our Open Book capabilities and adds further to our already extensive experience in complex migrations. We are pleased that our highly scalable, best-in-class digital platform will help power Standard Life in the future.”

Phoenix Group and Standard Life

Phoenix Group is the largest specialist consolidator of heritage life assurance funds in Europe. Its focus has traditionally been on closed life fund consolidation where it specialises in the acquisition and management of closed life insurance and pension funds (its heritage business). Alongside this, it has an open business which manufactures and underwrites new products and policies to support people saving for their future and when they come to retire. This open business is underpinned by a strategic partnership with Standard Life Aberdeen following Phoenix Group’s acquisition of Standard Life Assurance Limited in 2018. Standard Life Assurance is a long-established expert in workplace pensions, personal pensions, long term savings and retirement solutions, and its customers and clients include individual savers and some of the largest employers in the UK, as well as professional advisers.

Phoenix Group is a member of the FTSE 100 index, and has over 10 million policyholders and £245 billion of assets under management. It has four operating life companies and operations in the United Kingdom, Ireland and Germany.

Tata Consultancy Services Ltd (TCS)

Tata Consultancy Services is an IT services, consulting and business solutions organisation. A part of the Tata group, India’s largest multinational business group, TCS has over 450,000 consultants in 46 countries. The company generated consolidated revenues of $20.9 billion in the fiscal year ended 31 March 2019 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India.

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