Standard Life International DAC (SLIDAC), a division of the Phoenix Group, and Tata Consultancy Services (TCS) declared on June 26 that they will work together to improve the customer experience for policyholders in Europe and the operational model of the latter.
In order to do this, TCS (Tata Consultancy Services) would make use of its TCS BaNCS-powered Digital Platform for Life and Pensions, according to the filing with the markets.
In the UK, where the Phoenix Group’s affiliate, Diligenta, effectively revolutionized operations and oversees millions of policies, TCS already has a solid working relationship with the Phoenix Group. Aiming to build on this achievement, TCS and the Phoenix Group want to offer an enhanced digital experience to policyholders in Germany, Austria, and other European markets.
As part of the collaboration, TCS intends to set up a customer operations center there and create a Life and Pensions Digital Platform specifically for Germany and Austria, with the possibility to expand into other European markets.
In order to provide policyholders and advisers with full digital experiences across numerous channels, the first phase of the project entails moving over 4,000 policies from SLIDAC’s German and Austrian life and pension books to the TCS platform.
SLIDAC can more quickly provide novel products, improve risk management and controls, and guarantee regulatory compliance thanks to TCS’s platform’s flexibility and comprehensive capabilities.
With the help of this business transformation program, SLIDAC, and the Phoenix Group will be better equipped to respond quickly to market developments and grab new growth opportunities in the European markets.
According to Nigel Dunne, CEO of Standard Life International DAC, “We regularly examine our operating model to ensure that it is addressing the changing demands of our customers on their path to and through retirement. Our expansion goal in Europe will be supported by utilizing the benefits of our strategic partnership with TCS, which will also benefit our clients and advisors. This is a great chance to advance our capacity for innovation and effectively modify our consumer proposal in the future.
“We are thrilled to extend the same digital omnichannel experiences that have helped us become the market leader in the UK to the policyholders of SLIDAC in Europe as part of our long-standing cooperation with the Phoenix Group. SLIDAC will have a future-ready digital core with TCS’ Digital Platform for Life and Pensions that will increase its agility and support its growth objectives in Europe, according to R. Vivekanand, President, of BFSI Products and Platforms at TCS.
Including life, pensions and annuities, property and casualty, and health insurance providers, TCS BFSI Products and Platforms is a full digital ecosystem. The Software-as-a-Service (SaaS) approach is prioritized by this platform, which provides streamlined enterprise management, enhanced omnichannel customer experiences, and promotes digital transformation.
