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SCOTTISH
WIDOWS
Life and Pensions brand of Lloyds Banking Group
in 15-year partnership with Diligenta
In September 2017, Scottish Widows, the 200-year-old Life and Pensions brand of Lloyds Banking Group (LBG),
entered into a 15-year partnership with TCS’ UK business process outsourcing subsidiary.
Scottish Widows has over five million customers in the UK for products including life cover, critical illness,
income protection, pensions, annuities, savings, and investment products. Customers can access Scottish
Widows’ products and services through independent financial advisers, directly, and through all Lloyds Bank,
Bank of Scotland, and Halifax branches.
Diligenta, powered by TCS BaNCS, will provide Scottish Widows with end-to-end policy administration for its
heritage customers.
The transformation program will encompass:
l More than 3,380,000 policies
l More than 4,000,000 stakeholders
l Conversion of 838 legacy products
l Replacement of 14 legacy policy administration systems and over 200 ancillary systems
In addition, Diligenta will develop new capabilities to meet the needs of LBG’s insurance division, which also
acts as a transfer agency to administer mutual fund portfolios for retail investors. Accordingly, the TCS BaNCS
deployment will incorporate solutions for Life Insurance, Pensions, Investment Administration, and Corporate
Actions. The initiative will enable Diligenta to expand its offerings to cover the transfer agency marketplace in
the UK.
The transformation program will be delivered in five phases over 36 months, with the first delivery
scheduled for September 2018.
Throughout the program, TCS is following the Agile development methodology and deploying TCS process
engineering tools, including Robotic Process Automation (RPA).
Following the transformation, all LBG brands will deliver insurance and investment products through
a single platform, enhancing customer engagement through a consolidated, digital view of policies and
portfolios. A single view of the customer will also enable LBG to gain valuable data-driven insights, leading to
better retention, cross-selling, and upselling.
Scottish Widows and LBG will also benefit by reducing the complexity of vendor relationships through the
utility business model of Diligenta, which declines in cost proportionately with closed-book policy run-off. The
transferal of policies to Diligenta also minimizes business risk in terms of oversight, regulatory compliance, and
cost certainty. n
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