Tata Consultancy Services, the leading global lT services, consulting and business solutions organisation, announced an expansion of its long-term partnership with Phoenix Group, Europe's largest life and pensions consolidator, to drive the growth and transformation of the Standard Life business and meet the needs of its customers, workplace clients and their advisers.
The expanded partnership will result in the digital transformation of Standard Life's pensions and savings operations onto the TCS BFSI Digital Platform, powered by TCS BaNCSTM. This will expand the overall scope by a further 4.2 million policies, taking the total number of policies managed by Diligenta, TCS' regulated subsidiary in the UK, on behalf of Phoenix Group, to nearly 10 million.
The highly automated, open architecture and agile platform will allow Standard Life to partner with a variety of innovators as it continues to develop its wider workplace offering. lts highly flexible product definition capability will further accelerate Standard Life's speed to market to meet the evolving needs of workplace advisers, employers and their scheme members and workplace clients.
In a release to the BSE, TCS said the key element of the partnership is TCS' commitment to expand its already significant Scottish presence and establish a technology and operations service hub in Edinburgh, with a team of experts from Standard Life and TCS to support the partnership and deliver customer services.
Additionally, the hub will provide opportunities for Standard Life's and TCS' product experts to collaborate with end-users to provide new offerings. The transformation is expected to take approximately three years to complete, with a number of Standard Life employees transferring to TCS by the end of that period.
Susan Mclnnes, CEO of Standard Life said: "Working in partnership with TCS will support our growth strategy in the workploce market and bring benefits to workplace clients ond scheme members. It will accelerate our ability to innovate and efficiently evolve our proposition in the future, whilst continuing to deliver excellent customer service."