TCS Enters Into Strategic Deal With Standard Life International DAC

TCS has had a long-standing tie-up with the UK's Phoenix Group, where its UK arm Diligenta has digitally transformed the operating model and administers more than 10 million policies for the latter

India’s biggest IT services firm, Tata Consultancy Services (TCS), has announced its entry into a strategic partnership with Standard Life International DAC (SLIDAC), a wholly-owned subsidiary of the Phoenix Group, to transform its operating model and enhance the customer experience for its policyholders in Europe, using the TCS Digital Platform for Life and Pensions, according to news reports. However, the financial details and tenure of the deal were not disclosed.

TCS has had a long-standing partnership with the Phoenix Group in the UK, where its UK subsidiary Diligenta has digitally transformed the operating model and administers more than 10 million policies for the latter.

According to the report, the two organisations are keen to replicate this successful model, extending the same enhanced digital experience to policyholders in Germany and Austria and, after that, in other European markets.

Nigel Dunne, CEO of Standard Life International DAC, said, “We continually review our operating model to ensure it is meeting the evolving needs of our customers on their journey to and through retirement. Leveraging the advantages of our strategic relationship with TCS, a leading global organization, will support our growth strategy in Europe and bring benefits to both our customers and advisers.”

TCS, with this partnership, will set up a customer operations centre in Germany and a future-ready life and pensions digital platform for Germany and Austria, with capabilities to extend into other European markets.

The Indian IT firm will initially transform and migrate more than 400,000 policies comprising SLIDAC’s German and Austrian life and pension books to its platform and create comprehensive, omnichannel, journey-based digital experiences for policyholders and advisors.

“We are delighted to expand our long-standing partnership with the Phoenix Group to include SLIDAC’s policyholders in Europe and extend to them the same digital omnichannel experiences that have made us a market leader in the United Kingdom. With TCS’ Digital Platform for Life and Pensions powered by TCS BaNCS, Standard Life International DAC will have a future-ready digital core that enhances its agility and will support its growth aspirations in Europe,” said R Vivekanand, President of BFSI Products & Platforms, TCS.

Meanwhile, TCS, which was recently rocked by bribes-for-jobs scam case, has denied any "fraud by or against the company" in its recruitment process and clarified that no key managerial personnel were found to be involved after an internal probe in the alleged scam case.