Information technology consulting company Tata Consultancy Services (TCS) today announced the culmination of the first phase of implementation of TCS BaNCS insurance platform, its financial services solutions platform, for Scottish Widows, the life insurance and pensions arm of Lloyds Banking Group.
TCS partnered with Scottish Widows in September 2017 to replace the legacy system with TCS BaNCS platform, simplify the operating model, improve customer experience and reduce risk, the company said in a statement.
The TCS platform has reduced operating procedures up to 80%, thereby reducing turnaround time, the statement added.
Services offered through the unified communication hub has benefitted Scottish Widows’ policy-holders, and consolidated consumer data has helped empower customer service representatives to achieve 80% first point of contact query resolution rate, the statement said.
Part of the London-based Lloyds Banking Group, Scottish Widows is a life insurance and pensions company founded in 1815. A 2010 study commissioned by research and consulting firm Ipsos found that the Edinburgh-based subsidiary was the most trusted life, pensions and investment provider in the UK.
The TCS BaNCS insurance platform is a digitally-enabled, end-to-end policy administration platform that manages life, pensions and investment products. The platform currently administers over 20 million policies in the UK.
“This is the first step in our customer experience transformation journey with Scottish Widows and it is exciting to see the early benefits delivered from the TCS BaNCS Insurance Platform,” said Suresh Muthuswami, global head, banking,financial services and insurance platforms, TCS. “By putting customer expectations at the heart of this transformation process and focusing on reducing complexity, we have achieved a new scale of mass personalisation that will give millions of customers an enhanced experience.”
In June 2019, TCS announced that Taiwan-based KGI Bank deployed the TCS BaNCS for its corporate and consumer operations. Kochi-based Federal Bank deployed TCS’s digital current account and savings account (CASA) opening and know your customer (KYC) services platform.
In May 2019, TCS had facilitated an omnichannel shift at Israel-based financial institution Bank Yahav via the BaNCS platform.