Tata Consultancy Services (TCS) bags a $720 Million worth deal from the UK-based financial services company Phoenix Group. TCS took forward its long-standing partnership with Phoenix group through this deal. Furthermore, this deal stands as one of the biggest deals in the current fiscal.
Additionally, this announcement turns as a helping hand for the Phoenix group. This deal will digitally transform Phoenix group’s ReAssure. TCS extends its support to transform ReAssure through its banking solution platform BaNCS.
The company announced this deal through a stock exchange notification. This contract is worth $720 Million(£ 600 Million) and deals with end-to-end business transformation. It also includes administration services for the company.
Tata Consultancy Services instrumental role
This UK-based financial services company, Phoenix Group is already an existing customer of TCS. Certainly, TATA is a big name because of its legacy. It will play an instrumental role in elevating Phoenix Group’s life insurance business ReAssure. The Phoenix group bought ReAssure in 2020.
TCS will extend its support by providing BaNCS ( Banking Solution Platform ) to ReAssure link synergies and improvise customer support and experience to ReAssure Policyholders.
Additionally, Diligenta will manage three million policies of ReAssure, which is a subsidiary of TCS in the UK on behalf of Phoenix group.
Besides, TCS will also extend its support by providing access to its innovation lab in the UK. The experts and problem solvers of this innovative lab will develop new methods to elevate the digital technology of the company. Certainly, this will enhance the experience of policyholders, advisors, staff and others.
Despite, the choice of smaller deals in the industry, this deal acts as a miracle for the industry. This deal is one the biggest deal of the current fiscal year. IT companies need big deals consistently for achieving double-fight growth. Furthermore, the regular big deals accelerate the revenue of the companies.
Featured Image Credit: PNG Egg
- Binny Bansal is in Talks to Invest $100 Mn-$150 Mn in PhonePe - March 11, 2023
- Bira 91 bags $10 Mn from MUFG Bank(Japan’s largest Bank) - March 10, 2023
- Off Duty bags INR 4 Cr from Velocity.in - March 6, 2023