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Standard Life Partners with TCS to transform customer experience for European policyholders

Jun 26, 2023

By: BlinkX Research Team

Tata Consultancy Services (TCS) has entered into a strategic partnership with Standard Life International DAC (SLIDAC), a wholly-owned subsidiary of the Phoenix Group, to transform its operating model and enhance the customer experience for its policyholders in Europe, using the TCS Digital Platform for Life and Pensions, powered by TCS BaNCS.

TCS has had a long-standing partnership with the Phoenix Group in the UK, where its UK subsidiary Diligenta, has digitally transformed the operating model and administers more than 10 million policies for the latter. The two organizations are keen to replicate this successful model, extending the same enhanced digital experience to policyholders in Germany and Austria, and thereafter in other European markets.

With this partnership, TCS will set up a customer operations center in Germany, and a future-ready Life and Pensions Digital Platform for Germany and Austria, with capabilities to extend into other European markets. TCS will initially transform and migrate more than 400,000 policies comprising SLIDAC’s German and Austrian life and pension books to its platform, and create comprehensive, omnichannel, journey-based digital experiences for policyholders and advisors

The platform’s configurability and rich functionality will enable SLIDAC to launch innovative new products more quickly, improve risk management and controls, and strengthen regulatory compliance. At a strategic level, this business transformation initiative will enable SLIDAC’s and Phoenix Group’s ability to quickly respond to changes in its European markets and seize new opportunities for growth.

Source: Media reports