Tata
Consultancy Services (TCS) has been designated as a leader in insurance BPO in
the Everest Group report – PEAK Matrix. TCS is dominant in UK market through
its subsidiary Diligenta.
Diligenta,
UK
FSA regulated subsidiary was established in 2005 to specialize in the provision
of business process outsourcing (BPO) services for the UK life & pensions
industry. In 2006, Diligenta secured its first £486 million deal with the
Phoenix Group (formerly known as the Pearl Group). Since then, Diligenta has
secured a number of new clients in the Life and Pensions sector and today
administers circa 5 million policies.
TCS
has over three decades of experience, partnering with over 90 regional and
global insurers to achieve improved operational efficiencies, reduced costs and
customer / partner satisfaction and
services span all insurance segments - life, healthcare, property and
casualty (general insurance) as well as annuities, pensions and retirement, and
span the complete life cycle.
Recently
concluded
a multi-year, multi-million dollar transformation project at Phoenix Group, the
UK’s largest specialist consolidator of closed life funds that involved
replacing and decommissioning 11 major life and pension administration systems,
hundreds of peripheral systems and migrating more than four million policies
and customer records, across multiple brands and product lines into TCS BaNCS
Insurance.
TCS
won its second-biggest outsourcing contract worth $2.2 billion from UK based
pension firm Friends Life, based on a model wherein the company will be paid
for each insurance transaction and will add another 3.2 million policies.
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