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