Indian IT major Tata Consultancy Services (TCS) on February 8 announced it bagged its biggest deal of the 2022-2023 fiscal — an expansion of long-standing partnership with UK’s Phoenix Group to digitally transform its insurance business ReAssure using TCS technology BaNCS.

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This is the largest banking, financial services and insurance (BFSI) products and platform deal for TCS in the past three years. Phoenix is an old client of TCS for which the Indian tech giant was doing outsourcing and cloud work.

TCS BaNCS is a core banking software suite developed by Tata Consultancy Services for use by retail banks.

In a statement, R Vivekanand, President, BFSI Products & Platforms, TCS, 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. We are delighted to further expand our long-standing partnership with Phoenix Group to digitally transform its ReAssure business, drive synergies and improve the end-to-end customer experience.”

TCS Solution will help Phoenix transform end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention.

At a strategic level, this business transformation initiative will integrate the ReAssure business into the platform that has been enabling Phoenix Group to quickly respond to changes in the environment and seize new opportunities for growth, according to the deal statement.

TCS said it 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 policyholders, advisers, employers, and operational staff, and to continuously improve the service quality for Phoenix Group’s customers.

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