TCS subsidiary Diligenta completes one of UK's Largest Policy Migrations for Lloyds Banking Group's Scottish Widows

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, today announced that it has completed the migration of Scottish Widows' life and pension heritage book onto its TCS BaNCS™ administration platform managed by Diligenta, a leading life and pensions provider in the United Kingdom, and a subsidiary of TCS.

Diligenta has migrated the final tranche of data relating to more than 900,000 customers. With this migration, Diligenta has completed the Life and Pension migrations covering over 3.8 million customers of Scottish Widows on the TCS BaNCS™ Platform and digital ecosystem.

Additionally, TCS has implemented the Next-gen TCS BaNCS Wealth administration platform that caters to the UK market. It has successfully completed the migration of 980,000 retail customers' portfolios. TCS' nextgen platform will support servicing existing Individual Savings Accounts/Open Ended Investment Company (Mutual Funds) products while enabling future digital servicing for customers.

The transformation replaced a number of legacy systems with the digitally enabled TCS BaNCS™ BFSI platform. Customers can now expect faster and simpler service from Scottish Widows.

Donald MacKechnie, Chief Operating Officer, and Managing Director, Longstanding, Scottish Widows said, "We have reached an important milestone in our transformation programme, and our ongoing relationship with Diligenta and TCS. We look forward to continuing to enhance customer experience by providing customers with better and faster service, enabled by digitisation."

R Vivekanand, President, Product and Platforms, TCS, said, "The team has set a new benchmark following a migration of this scale. Our relationship with Scottish Widows continues to thrive, and we look forward to further enhancing what we do with them including leveraging state of the art technology developments like AI to further improve digital customer experience".

Scottish Widows, the life and pensions arm of Lloyds Banking Group, entered into a 15-year partnership with TCS 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.

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3084.40 as compared to the previous close of Rs. 3096.65. The total number of shares traded during the day was 275151 in over 15460 trades.

The stock hit an intraday high of Rs. 3114.80 and intraday low of 3077.00. The net turnover during the day was Rs. 852682837.00.

Source : Equity Bulls

Keywords

TataConsultancyServices INE467B01029 TCS Diligenta ScottishWidows LloydsBankingGroup TCSBaNCS