British insurance giant Aviva has expanded its partnership with Tata Consultancy Services (TCS) to enhance its customer and business experience in the United Kingdom.
As part of the 15-year expansion of the partnership, Aviva will leverage the Indian IT firm’s flagship core banking software—BaNCS—to transform the end-to-end policy administration and servicing, covering over 5.5 million policies.
While the current partnership included building a foundation of digitization and simplification for Aviva, the expansion will enhance customer experience using the TCS BaNCS-based digital platform to administer other books of business, the Tata Group company said in a press release.
The business will be managed by a TCS subsidiary in the UK—Diligenta.
The companies did not disclose the financial details of the deal.
Mint, however, reported, based on inputs from an unnamed TCS executive, that the deal is worth at least $2.5 billion. This makes the contract the biggest ever for the Indian software services provider.
R Vivekanand, TCS president of BFSI products & platforms, said the 20-year relationship with Aviva is a testament to joint efforts to consistently and continuously transform customer experience.
“We are delighted as we embark on the next chapter of this journey, where ongoing investment in our TCS BaNCS-based platform and proven track record will enable Aviva to drive a customer-centric business, even as we continue to improve end-to-end customer experience benchmarks in the UK Life and Pensions industry,” Vivekanand added.
“Extending this strategic partnership will improve how we serve our customers, further simplify our operations, and support our growth ambitions. It will allow us to rationalize our systems and improve efficiency, bringing significant benefits for our customers and the business,” Doug Brown, CEO of insurance, wealth, and retirement at Aviva, said.
TCS will use its BaNCS platform and contextual knowledge to improve service quality and enhance the experience for all stakeholders including policyholders, advisers, and operational staff, the Mumbai-headquartered IT services firm said.
This will enable quicker resolutions, improved access to information, and better outcomes for Aviva’s customers, it said.
The company asserted that the announcement further enhances the strong growth momentum that it has seen in the UK.
TCS has a leadership position in software and IT services in the UK market, currently employing more than 23,000 people in the UK and Ireland. It has operated in the UK for more than 45 years and works with over 200 of the country’s businesses including British Airways, Virgin Atlantic, Sainsbury’s, Nationwide, M&S, Asda, and Boots.
Earlier last year, British public broadcaster BBC announced a deal with TCS to upgrade its finance and payroll operations.
A part of the Indian multinational conglomerate Tata Group, TCS operates in over 55 countries and employs over 600,000 people globally.
The company generated consolidated revenues of US $27.9 billion in the fiscal year 2022-23.
In the quarter ended 31 December 2023, the company posted a revenue of $7.28 billion, at a year-on-year growth of 2.9%. It reported a net income of $1.41 billion, registering a 7.0% YoY growth.
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