Tata Consultancy Services (TCS) has announced a significant new 15-year technology partnership deal with Aviva, aimed at servicing over 5.5 million Life and Pensions policies. This move forges a pivotal contribution to the UK financial services and pensions sector's increasing investment in digital technologies to improve customer service.
In recent years, TCS has been instrumental in driving major initiatives within the sector. The company has signed several high-profile deals, notably the Phoenix Group agreement, whereby 3 million policies will be managed by TCS UK regulated subsidiary, Diligenta. This contract, valued at over £600 million, encompasses end-to-end business transformation, including administration services. Additionally, there has been an ongoing collaboration with Nest that originated when the digital auto-enrolment pension scheme first launched. TCS was responsible for establishing a robust system capable of scaling with Nest as it rapidly became the go-to provider for millions of workers saving for their retirements.
The newly inked deal with Aviva not only builds upon years of fruitful collaboration between the two parties but also charts an ambitious expansion course. TCS has been tasked with transforming the UK Life business for Aviva and enhancing the customer experience by leveraging the TCS BaNCS-based platform. The partnership entails broadening the scope of end-to-end policy administration and servicing to include more than 5.5 million policies, managed by Diligenta on behalf of Aviva.
The commitment towards delivering market-leading standards through digital transformation enhances the end-to-end experience for Aviva's customers via self-service capabilities, digitally powered service delivery centres, and a simplified technology landscape. Quicker resolutions, improved access to information, and better overall outcomes for Aviva's customers are expected.
Doug Brown, CEO Insurance, Wealth & Retirement, Aviva, suggested the partnership was mutually beneficial, stating, "Extending this strategic partnership will improve how we serve our customers, further simplify our operations and support our growth ambitions. It will allow us to rationalise our systems and improve efficiency, bringing significant benefits for our customers and the business."
R Vivekanand, President, BFSI Products & Platforms, TCS, echoed the sentiments and underscored the shared commitment to customer experience - "Our long-standing relationship with Aviva over the last 20 years is a testament to our joint efforts to consistently and continuously transform customer experience. We are delighted as we embark on the next chapter of this journey, where ongoing investment in our TCS BaNCS-based platform and proven track record will enable Aviva to drive a customer-centric business, even as we continue to improve end-to-end customer experience benchmarks in the UK Life and Pensions industry."
This development adds momentum to the impressive growth TCS continues to experience in the UK. Working with over 200 well-known businesses such as British Airways, Virgin Atlantic, Sainsbury's, Nationwide, M&S, Asda, and Boots, TCS is a well-established IT service provider in the UK, serving as one of the region's biggest IT employers with over 23,000 staff across the UK and Ireland.