TCS bags $720 million 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 disclosed through a stock exchange notification.

Phoenix Group is an existing customer of TCS. The Indian IT company will play a key part in transforming Phoenix Group’s life insurance business ReAssure, which it acquired in 2020.

TCS will leverage its banking solution platform BaNCS to drive synergies and enhance customer experience for ReAssure's policyholders.

Besides, the three million policies of ReAssure will be managed by Diligenta, a subsidiary of TCS in the UK 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 leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways of harnessing digital technologies to enhance the experience for policyholders, advisers, employers and operational staff, and to continuously improve the service quality 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.