LONDON | EDINBURGH, November 12, 2019: Tata Consultancy Services (BSE: 532540, NSE: TCS), the leading global IT services, consulting and business solutions organization, announced an expansion of its long-term partnership with Phoenix Group, Europe’s largest life and pensions consolidator, to drive the growth and transformation of the Standard Life business and meet the future needs of its customers, workplace clients and their advisers.
The expanded partnership will result in the digital transformation of Standard Life’s pensions and savings operations onto the TCS BFSI Digital Platform, powered by TCS BaNCSTM. This will expand the overall scope by a further 4.2 million policies, taking the total number of policies managed by Diligenta, TCS’ regulated subsidiary in the UK, on behalf of Phoenix Group, to nearly 10 million.
The highly automated, open architecture and agile platform will allow Standard Life to partner with a variety of innovators and experts as it continues to develop its wider workplace offering. Its highly flexible product definition capability will further accelerate Standard Life’s speed to market to meet the evolving needs of workplace advisers, employers and their scheme members, and will provide much richer insights for workplace clients.
A key element of the partnership is TCS’ commitment to expand its already significant Scottish presence and establish a TCS technology and operations service hub in Edinburgh, with a skilled team of experts from Standard Life and TCS to support the partnership and deliver excellence in customer service. Additionally, the hub will provide opportunities for Standard Life’s and TCS’ product experts to collaborate with end-users to envision new offerings. The transformation is expected to take approximately three years to complete, with a number of Standard Life employees transferring to TCS by the end of that period.
Susan McInnes, CEO of Standard Life said: “We want to ensure we lead the way in meeting the needs and expectations of all our customers in the future, and become an even more innovative, progressive, well run business. We believe a partnership model is absolutely the right approach. It enables us to work with a leading global organisation with great expertise and to respond to the dynamic environment that we’re operating in. Working in partnership with TCS will support our growth strategy in the workplace market and bring benefits to workplace clients and scheme members. It will accelerate our ability to innovate and efficiently evolve our proposition in the future, whilst continuing to deliver excellent customer service.”
“We are delighted to expand our long-standing partnership with Phoenix Group to digitally transform Standard Life’s operations to speed up product innovation and further improve the experience for their customers,” said Suresh Muthuswami, President, BFSI Platforms, TCS. “The partnership will significantly expand our Open Book capabilities, and adds further to our already extensive experience in complex migrations. We are pleased that our highly scalable, best-in-class digital platform will help power Standard Life in the future.”