Information technology solutions provider and consulting firm Tata Consultancy Services has expanded its partnership with Phoenix Group, which is one of Europe's largest life and pensions consolidators.
TCS will accelerate the digital transformation of Phoenix Group’s Standard Life business. The company’s pensions and savings operations, hosted on the TCS BFSI digital platform, will be powered by TCS BaNCS, a core banking suite built by the IT giant.
Phoenix Group acquired Standard Life Assurance for £3.2 billion last year.
TCS will now cover an additional 4.2 million policies, taking the total number of policies managed by Diligenta, TCS’ subsidiary in the UK, to about 10 million, the company said in a statement. TCS already handles 5.5 million Phoenix policies.
The company did not disclose the financial details of the deal.
The whole digital transformation journey is estimated to take close to three years, with many of Standard Life’s employees moving to TCS.
“The partnership will significantly expand our open book capabilities, and adds further to our already extensive experience in complex migrations,” said Suresh Muthuswami, President, BFSI Platforms, TCS. He added that the two companies have worked together for about 16 years.
The Indian IT major is also opening a technology and operations service hub in Edinburgh, Scotland. The hub will also act as an incubation zone to collaborate with end-users and get insights for future product offerings.