Tata Consultancy Services (TCS) has announced a 15-year extension of its partnership with Aviva, the leading insurance and retirement provider in the UK. The agreement aims to uplift Aviva’s UK life business and elevate customer experience. In this collaboration, Diligenta, TCS’s FCA regulated subsidiary in the UK, will oversee the end-to-end policy administration and servicing, encompassing more than 5.5 million policies.
Over the years, TCS and Aviva have jointly transformed the end-to-end customer experience through digitization and simplification. The extended deal will see TCS deploying TCS BaNCS to further enhance customer experience and servicing for the expanded policy coverage.
TCS, with a customer-centric approach to digitization, aligns with New Consumer Duty Principles, focusing on self-service options, digitally powered service delivery centers, and a streamlined technology landscape.
Aviva
Doug Brown, CEO Insurance, Wealth & Retirement at Aviva, expressed, “Extending this strategic partnership will improve how we serve our customers, further simplify our operations, and support our growth ambitions.”
R Vivekanand, President, BFSI Products & Platforms, TCS, highlighted the long-standing relationship with Aviva and the commitment to enhancing end-to-end customer experience benchmarks in the UK Life and Pensions industry.
TCS BFSI Platforms, an end-to-end digital ecosystem, empowers life, pensions/annuities, property/casualty, and health insurance providers. The platform facilitates enterprise simplification, superior customer experiences, and digital transformation.
In the third quarter of FY24, TCS reported higher-than-expected revenue, with a 2% YoY growth in consolidated net profit and a 4% increase in revenue. The EBIT margin stood at 25%, reflecting ongoing success despite a one-time charge for a legal claim settlement during the quarter. The partnership extension with Aviva reflects TCS’s commitment to driving customer-centric business and innovation.
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