TCS teams up with Phoenix Group to assist workplace pension clients

By Megha Bhattacharya

TCS partnered up with UK-based Phoenix Group in a bid to launch an enhanced client analytics tool for workplace pension clients of its Standard Life Assurance Limited business. The new service is the first outcome of the collaboration between the companies.

The new tool will provide employers and trustees with much richer insights, enabling them to segment their membership base to take more targeted action with their scheme members as well as exercise their governance and oversight responsibilities. These enhanced analytics have been rolled out to an initial group of clients who have supported the development.

“With the launch of this tool, we are empowering clients to make data-driven decisions which have the potential to improve retirement outcomes for members. We know our clients need a simple and efficient way to stay on top of the activity within their pension schemes and to see trends in real-time,” said Gail Izat, MD of Workplace, Phoenix Group. “This is the first joint development we have undertaken with TCS as part of our partnership and will be one of many innovations the partnership will deliver in the future. It demonstrates Phoenix’s commitment to driving growth in the workplace market and maintaining our leadership position.”

According to the company, the client analytics tool organises, presents data by specific member behaviours, provides a dashboard and info to develop the understanding of members’ behaviours and trends. It will be made available across all product types and will be released on a phased basis.

Suresh Muthuswami, Global Head, BFSI Platforms, TCS, said, “The new client analytics tool we are launching today in partnership with Phoenix Group leverages our investments in Platform Analytics, and ensures that workplace clients have access to the best technology to help their members get the most from their pension schemes. TCS has focused on tapping into the power of its digital platform to improve the experiences of Standard Life Assurance’s customers, including employers, employee benefit consultants and members, and to enhance the ways in which they interact with Standard Life. We look forward to innovating further to help Phoenix Group provide superior customer experience.”