Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT, consulting and business solutions organisation, has crossed a major milestone by successfully completing the first phase of implementation of the TCS BaNCS Insurance Platform as part of a business transformation programme for Scottish Widows, the life and pensions arm of Lloyds Banking Group.
Deploying TCS’ platform has reduced operating procedures to the extent of 80 per cent, significantly reducing the turnaround times. Consequently, Scottish Widows’ policy holders have started enjoying improvements to their experience, with clearer communications through the Unified Communications Hub. The simplified processes and consolidated customer data have empowered customer service representatives to achieve 80% first point of contact query resolution rate.
Donald MacKechnie, COO Lloyds Banking Group, Insurance and Wealth, said, “I am pleased with the progress we have made with TCS on our transformation journey. Our first phase has been completed successfully. Simplifying and modernising our systems will help us provide a better service for our customers.”
Suresh Muthuswami, Global Head, Banking, Financial Services and Insurance Platforms, TCS, said, “This is the first step in our customer experience transformation journey with Scottish Widows and it is exciting to see the early benefits delivered from the TCS BaNCS Insurance Platform. This milestone is made possible thanks to our shared culture and customer ethos. By putting customer expectations at the heart of this transformation process and focusing on reducing complexity, we have achieved a new scale of mass personalisation that will give millions of customers an enhanced experience.”
TCS entered into a 15-year partnership with Scottish Widows in September 2017 for a core transformation to replace multiple legacy systems with the TCS BaNCS platform, simplify the operating model, deliver a superior customer experience, and reduce risk, while providing end-to-end policy administration services to 4 million customers.
The TCS BaNCS Insurance Platform is a digitally-enabled, end-to-end policy administration platform that manages life, pensions and investment products, with over 20 million policies currently under administration in the United Kingdom. It is a complete, open architecture solution with an integrated business rules engine, encompassing policy administration, data management, integrated imaging, and workflow administration.