{"id":1242747,"date":"2023-02-11T10:26:40","date_gmt":"2023-02-11T04:56:40","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1242747"},"modified":"2023-02-11T10:27:13","modified_gmt":"2023-02-11T04:57:13","slug":"tcs-secures-rs-5600-crore-deal-from-uk-insurance-company-tcs-will-manage-30-lakh-policies-digitally-transform-operations","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/tcs-secures-rs-5600-crore-deal-from-uk-insurance-company-tcs-will-manage-30-lakh-policies-digitally-transform-operations\/","title":{"rendered":"TCS Secures Rs 5600 Crore Deal From UK Insurance Company: TCS Will Manage 30 Lakh Policies, Digitally Transform Operations"},"content":{"rendered":"\n<p>TCS on February 8 announced the expansion of its partnership with UK-based client Phoenix Group in a \u00a3600 million ($723 million) deal.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/TTCCSS-2-1-1024x576-1-1024x576-2-1280x720-1-2-1024x576.jpeg\" alt=\"TCS Secures Rs 5600 Crore Deal From UK Insurance Company: TCS Will Manage 30 Lakh Policies, Digitally Transform Operations\" class=\"wp-image-1242759\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/TTCCSS-2-1-1024x576-1-1024x576-2-1280x720-1-2-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/TTCCSS-2-1-1024x576-1-1024x576-2-1280x720-1-2-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/TTCCSS-2-1-1024x576-1-1024x576-2-1280x720-1-2-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/02\/TTCCSS-2-1-1024x576-1-1024x576-2-1280x720-1-2.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Largest deal this fiscal year<\/strong><\/p>\n\n\n\n<p>This is TCS\u2019 largest deal win in fiscal year 2023.<\/p>\n\n\n\n<p>It is also a win in its second-largest global market, despite an increasingly cautious macro environment and uncertainty around client spending.<\/p>\n\n\n\n<p><strong>What the deal involves<\/strong><\/p>\n\n\n\n<p>Phoenix Group is UK&#8217;s largest long-term savings and retirements provider and will also be TCS&#8217; largest deal in the UK in three years.<\/p>\n\n\n\n<p>The deal involves TCS driving synergies and enhancing customer experience for life insurance provider ReAssure&#8217;s policyholders, which Phoenix Group acquired in 2020.<\/p>\n\n\n\n<p>The expanded partnership is aimed at transforming ReAssure\u2019s operations, consolidating the heritage business on TCS BaNCS.<\/p>\n\n\n\n<p><strong>How TCS will contribute<\/strong><\/p>\n\n\n\n<p>Customer administration and servicing of ReAssure\u2019s 3 million policies will be managed by Diligenta, TCS\u2019 regulated subsidiary in the UK, on behalf of Phoenix Group.<\/p>\n\n\n\n<p>TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways to harness digital technologies to enhance the experience for policyholders, advisers, employers and operational staff, and to continuously improve the service quality for Phoenix Group\u2019s customers.<\/p>\n\n\n\n<p>\u201cUltimately, this transformation will ensure that Phoenix\u2019s customers benefit from the clear digital focus, consistent customer journeys and customer proposition provided by one platform,\u201d Brid Meaney, CEO of Heritage Division, Phoenix Group, said.<\/p>\n\n\n\n<p><strong>Customer experience transformation<\/strong><\/p>\n\n\n\n<p>\u201cCustomer experience transformation has been cornerstone of the TCS BaNCS platform\u2019s value proposition.&nbsp;<\/p>\n\n\n\n<p>Towards this, we have been continuously investing in product and service innovation, setting a benchmark in the UK life and pensions industry,\u201d said R Vivekanand, President, BFSI Products and Platforms at TCS.<\/p>\n\n\n\n<p><strong>Little change in deal mix from size or tenure perspective<\/strong><\/p>\n\n\n\n<p>Speaking to Moneycontrol post the company&#8217;s Q3 earnings and commenting on the deal pipeline, CEO Rajesh Gopinathan said that there is not much change in terms of the mix of deals from a size or tenure perspective.<\/p>\n\n\n\n<p>\u201cThere is slightly more focus on cost being a major lever as opposed to transformation at any cost.&nbsp;<\/p>\n\n\n\n<p>There is a lot more sensitivity to the efficiency angle and that holistic view of transformation and efficiency&#8230;that&#8217;s our sweet spot,&#8221; he said.&nbsp;<\/p>\n\n\n\n<p><strong>The road ahead<\/strong><\/p>\n\n\n\n<p>He said that the company wouldn&#8217;t be competitive if it was purely about cost or transformation at any cost as the company&#8217;s model is not optimized for it.<\/p>\n\n\n\n<p>&#8220;Strategic, well thought out transformation initiatives which balance both efficiency and transformation, that&#8217;s our <a href=\"https:\/\/www.moneycontrol.com\/news\/business\/companies\/tcs-secures-700-million-deal-to-digitise-uk-insurers-products-10028391.html\">sweet <\/a>spot and that&#8217;s what the market is moving towards,&#8221; he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TCS on February 8 announced the expansion of its partnership with UK-based client Phoenix Group in a \u00a3600 million ($723 million) deal. Largest deal this fiscal year This is TCS\u2019 largest deal win in fiscal year 2023. It is also a win in its second-largest global market, despite an increasingly cautious macro environment and uncertainty [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1242759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[818,92],"class_list":["post-1242747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-digital-transformation","tag-tcs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TCS Secures Rs 5600 Crore Deal From UK Insurance Company: TCS Will Manage 30 Lakh Policies, Digitally Transform Operations - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/tcs-secures-rs-5600-crore-deal-from-uk-insurance-company-tcs-will-manage-30-lakh-policies-digitally-transform-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TCS Secures Rs 5600 Crore Deal From UK Insurance Company: TCS Will Manage 30 Lakh Policies, Digitally Transform Operations - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"TCS on February 8 announced the expansion of its partnership with UK-based client Phoenix Group in a \u00a3600 million ($723 million) deal. 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