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Tata Consultancy Services (TCS) and Aviva, the UK’s leading insurance giant, have announced a 15-year expansion of their partnership under which the Indian IT firm will expand end-to-end policy administration and servicing to cover 5.5 million Life and Pensions policies. These policies will be managed by Diligenta, TCS’ FCA-regulated subsidiary in the UK, on behalf of Aviva.
While the company did not disclose the deal size, it is likely to be around £1.1 billion going by a similar deal announced last year with the UK’s Phoenix Group. That deal was worth £600 million, under which TCS had agreed to manage three million policies on behalf of Phoenix Group.
The Aviva partnership further enhances TCS’ growth momentum in the UK region, where the company saw an 8.1 per cent uptick in revenue in the last quarter.
BaNCS-based platform
TCS will leverage the BaNCS-based platform and contextual knowledge to improve service quality and enhance experience of all stakeholders including policyholders, advisers and operational staff. Aviva and TCS have been partners for the last two decades. Aviva has now engaged TCS, to extend this enhanced customer experience using the same TCS BaNCS based digital platform to administer other Aviva books of business.
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“This extended partnership strengthens our service, simplifies operations, and fuels our growth ambitions,” said Doug Brown, CEO Insurance, Wealth & Retirement at Aviva. “It streamlines our systems and boosts efficiency, delivering significant benefits for both our customers and the business.”
“Our two decades of collaboration with Aviva are a testament to our shared commitment to continuously improving customer experience,” said R Vivekanand, President of BFSI Products & Platforms at TCS. “We are thrilled to embark on this next chapter, where our proven track record and investment in the BaNCS™ platform will empower Aviva to drive a customer-centric business, setting new benchmarks for end-to-end customer experience in the UK Life and Pensions industry.”
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