TCS gains on expanding strategic partnership with Phoenix Group

Tata Consultancy Services (TCS) rose 1.71% to Rs 3,529.95 after the company announced expansion of its strategic partnership with Phoenix Group to digitally transform the latter's ReAssure business using TCS BaNCS.

Phoenix Group acquired ReAssure, a UK-based life insurance provider in 2020 and has now engaged with TCS to drive synergies and enhance customer experience for ReAssure's policyholders. TCS BaNCS based digital platform used to administer Phoenix Group's other books of business. Customer administration and servicing of ReAssure's 3 million policies will be managed by Diligenta, TCS' regulated subsidiary in the UK, on behalf of Phoenix Group. The contract for the end to end business transformation including administration services is valued at over 600 million.

TCS' solution will help Phoenix transform the end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention. TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways of harnessing digital technologies to enhance the experience for policy holders, advisers, employers and operational staff and to improve the service quality for Phoenix Group's customers.

Brid Meaney, chief executive officer of heritage division, Phoenix Group, said, Our strong partnership with TCS enables us to benefit from their proven capabilities and digital core as we continue to consolidate policies onto the TCS BaNCS platform. 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.

R Vivekanand, president, BFSI products & platforms, TCS, said, we have been continuously investing in product and service innovation, setting a benchmark in the UK life and pensions industry.

Tata Consultancy Services provide IT services, consulting and business solutions and have been partnering with many of the world's largest businesses in their transformation journeys. The Group offers a consulting-led, cognitive powered, integrated portfolio of IT, business and engineering services and solutions. This is delivered through its unique location-independent agile delivery model recognised as a benchmark of excellence in software development.

The company's consolidated net profit rose 11% to Rs 10,846 crore on 19.1% jump in net sales to Rs 58,229 crore in Q3 FY23 over Q3 FY22.

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