TCS wins its largest deal in 2023 with existing UK-based client Phoenix Group

Tata Consultancy Services (TCS) has announced the expansion of its partnership with existing United Kingdom-based client Phoenix Group in a £600 million ($723 million) deal, which happens to be its largest deal win in fiscal 2023. The UK is also the second-largest global market for the IT services major, despite an increasingly cautious macro environment and uncertainty around client spending.

Phoenix Group is the UK's largest long-term savings and retirement provider. This will be TCS' largest deal in the UK in three years.

By bagging this deal, TCS will drive synergies and enhance customer experience for life insurance provider ReAssure's policyholders, which Phoenix Group acquired in 2020.  The expanded partnership is aimed at transforming ReAssure’s operations, consolidating the heritage business on TCS BaNCS.

Customer administration and servicing of ReAssure 3 million policies will be managed by Diligenta, TCS’ regulated subsidiary in the UK, on behalf of Phoenix Group.

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’s customers.

“Ultimately, this transformation will ensure that Phoenix’s customers benefit from the clear digital focus, consistent customer journeys and customer proposition provided by one platform,” Brid Meaney, CEO of Heritage Division, Phoenix Group, said.

 “Customer experience transformation has been a cornerstone of the TCS BaNCS platform’s value proposition. Towards this, we have been continuously investing in product and service innovation, setting a benchmark in the UK life and pensions industry,” said R Vivekanand, President, BFSI Products and Platforms at TCS.