In Tata Consultancy Services (TCS) has announced that Diligenta, its UK-based Financial Services Authority (FSA)-regulated subsidiary, has successfully concluded a multi-year, multi-million dollar transformation project at Phoenix Group, the UK's largest specialist consolidator of closed life funds.
This unprecedented program involved replacing and decommissioning 11 major life and pension administration systems, hundreds of peripheral systems and migrating more than four million policies and customer records, across multiple brands and product lines into TCS BaNCS Insurance.
"This is a significant deal that secures TCS BaNCS' position as one of the major platforms in the UK Life & Pensions industry ," said Jamie Macgregor, Senior Analyst at Celent. "A platform transformation on this scale should deliver Phoenix's customers with a much improved customer experience, a more rapid response to change, and a reduced cost to serve."
Tony Kassimiotis, Managing Director, Phoenix Group, said, This move forms part of the Phoenix Groups strategy to be recognised as the industry solution for the safe, innovative and profitable decommissioning of closed life funds - by maximising economies of scale and generating capital efficiencies through operational improvements. This transformation project will streamline services to improve the experience for our customers and we are delighted with the way TCS and Diligenta have ensured its smooth delivery.
Commenting on the conclusion of this project, N Ganapathy Subramaniam, President, TCS Financial Solutions, said, TCS BaNCS is now positioned with proof points to deliver significant benefits around business process re-engineering, product rationalizing and disparate data migrations. A simplified IT landscape not only enhances efficiencies for Phoenix group but delivers best in class customer experience as well.
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