Tata Consultancy Services (TCS) Expands Partnership with Phoenix Group in a £600 Million Deal
Tata Consultancy Services (TCS) announced on February 8th that it has expanded its partnership with Phoenix Group, a UK-based client, in a £600 million ($723 million) deal. This is TCS’ largest deal win in the fiscal year 2023, and the largest deal in the UK in the last three years.
The expanded partnership is aimed at transforming ReAssure’s operations, a life insurance provider that Phoenix Group acquired in 2020, and consolidating the heritage business on TCS BaNCS. Customer administration and servicing of ReAssure’s 3 million policies will be managed by Diligenta, TCS’ regulated subsidiary in the UK.
TCS will leverage its Innovation Lab in the UK to enhance the experience for policyholders, advisers, employers, and operational staff. The goal of the transformation is to ensure that Phoenix Group’s customers benefit from a clear digital focus and consistent customer journeys on one platform.
R Vivekanand, President of BFSI Products and Platforms at TCS, said that the company has been continuously investing in product and service innovation to set a benchmark in the UK life and pensions industry.
CEO Rajesh Gopinathan commented on the deal pipeline, saying that TCS’ sweet spot is in strategic, well-thought-out transformation initiatives that balance both efficiency and transformation, which is what the market is moving towards.
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