TCS BaNCS Customer Newsletter TCS BaNCS #31 (September 2019) - Page 28

news TCS Helps Insurer Complete First Phase of TRANSFORMATION JOURNEY Digital Platform powered by TCS BaNCS Enhances Policyholder Experience and Simplifies Processes Scottish Widows has successfully completed the first phase of its implementation of the TCS BFSI Platform for Life and Pensions, powered by TCS BaNCS. In 2017, TCS entered into a 15-year partnership with Scottish Widows, the life insurance and pensions arm of Lloyds Banking Group, to deploy the TCS BFSI Platform, powered by TCS BaNCS. To date, TCS BaNCS supports more than 16 million insurance policies in the United Kingdom. TCS BaNCS for Life, Pensions, Investment Products, Annuities and Mutual Funds will provide end-to- life insurance, pension and investment products for Scottish Widows’ longstanding customers. Scottish Widows has completed the first phase by significantly streamlining operating procedures in ways that have already improved customer service for policyholders. “I am pleased with the progress we have made with TCS on our transformation journey,” said Donald MacKechnie, COO Lloyds Banking Group, Insurance and Wealth. “Our first phase has been completed successfully. Simplifying and modernising our systems will help us provide a better end policy administration services service for our customers.” for Scottish Widows’ 4 million Putting Customer Expectations First policyholders. The deployment will The completion of the first phase was 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 personalization that will give millions of customers an enhanced experience,” added Muthuswami. In addition, the TCS BFSI Platform includes analytics capabilities, a unified communications hub, a customer experience layer, and other components that provide a complete digital solution for the insurance enterprise. Instead of multiple handoffs across several systems to handle a claim or other transaction, contact center personnel can now access improve the customer experience, a key milestone toward fully deploying required information via the unified simplify the operating model, and the TCS BFSI Platform for all 4 million communications hub. “With the reduce risk for Scottish Widows. customers of Scottish Widows. implementation of TCS BFSI Platform Operating as a single core policy “This is the first step in our customer and TCS BaNCS as its digital core, we administration system, TCS BaNCS will experience transformation journey with have digitized the critical ‘moment-of- replace 13 legacy policy administration Scottish Widows and it is exciting to truth’ transactions, enabling a much systems and will simplify the legacy see the early benefits delivered from better customer experience and a ecosystem by interfacing with 125+ TCS BaNCS,” said Suresh Muthuswami, significant reduction in turnaround peripheral systems and replacing President and Global Head, Banking, time,” said Daniel Praveen, VP & Head 100+ ancillary systems. Following Financial Services and Insurance (BFSI) UK&E, TCS BFSI Platforms. the deployment, TCS BaNCS will Platforms, TCS. transform and support more than 800 Previously, about 60 percent of “This milestone is made possible 28 service requests were fulfilled at the