Mumbai: Tata Consultancy Services' UK subsidiary Diligenta, a BPO services provider, today said that it has completed the consolidation of two million customer policies in the UK from multiple legacy systems onto a single integrated system, using a simplified and modern Cloud infrastructure.
These policies will now be based on the TCS B?NCS Insurance platform, a proprietary solution developed by Tata Consultancy Services.
Diligenta embarked on this transformation programme with its first client, The Phoenix Group. The objective of the programme was to improve operational efficiency with a view to enhancing the customer experience for the policy holders.
Tony Kassimiotis, managing director, operations, Phoenix Life said, ''Two million of our policyholders will have, in due course, full access to self service and on-line request services through the internet. They will also see a reduction in turnaround times when asking questions about their policies.''
Diligenta said that this was also a significant capability achievement that would benefit future clients of Diligenta. It said that the utility model would ensure that when Diligenta writes new contracts it can consolidate the policy portfolio of new customers onto the same TCS B?NCS Insurance platform. A major benefit to clients will be Diligenta's ability to react quickly and effectively to any major regulatory change.
An additional service will be the option for customers to receive instant quotes for maturities, surrenders and transfers over the phone.
Phiroz Vandrevala, chairman, Diligenta and executive director, TCS, said, ''The success of this transformation programme reinforces Diligenta's strong position in the UK Life and Pensions outsourcing market and signifies a step change for the industry, in response to both regulatory reform and changing customer needs. We are well-placed to support customers' needs in this rapidly-evolving environment, and this project once again demonstrates our ability to deliver real business benefits through our specialised industry expertise.''
Charles Juniper, insurance sector aalyst at BPO specialists, NelsonHall said, ''This is a significant achievement on the part of Diligenta. The slowdown in sales of life insurance products in the mature UK and US markets is forcing the Boards of insurers to seriously assess the use of BPO models, particularly for closed blocks.''