Insurance firm Phoenix Group has completed the migration of millions of customer records and administration systems to a cloud-based system from Indian services giant Tata Consultancy Services (TCS).
In July 2010, as part of a multi-million pound BPO deal, Phoenix Group signed a deal with TCS’s UK insurance subsidiary Diligenta to replace multiple pension administration systems and peripheral systems with TCS’ BaNCS platform. It has also migrated over four million policies and customer records from multiple systems to the cloud-based BaNCS.
Diligenta will put new customers onto the same cloud platform when it wins deals, which will reduce costs per customer. The cloud-based nature of the platform enables changes to be made quickly in reaction to events such as regulatory change.
"A platform transformation on this scale should deliver Phoenix's customers with a much-improved customer experience, a more rapid response to change and a reduced cost to serve," said Jamie Macgregor, analyst at Celent.
In November, Diligenta won a deal with life insurer Friends Life worth £1.37bn over 15 years which will see 1,900 Friends Life staff transfer to the Indian service provider. From March 2012, Diligenta will take over the administration of 3.2 million policies.