TCS Completes One of UK’s Largest Policy Migrations for Lloyds Banking Group’s Scottish Widows
Completing one of the UK's largest policy migrations for a major financial institution like Scottish Widows demonstrates TCS's strong capabilities in the BFSI sector and its ability to deliver large, complex digital transformations. This reinforces its market position, strengthens a long-term strategic partnership, and can lead to further opportunities, thus having a high positive impact on the company's reputation and business outlook.
The announcement describes the successful completion of a large-scale, complex policy migration project for a significant client, Scottish Widows, which is part of Lloyds Banking Group. Both TCS and Scottish Widows management express positive sentiments about the achievement and future enhancements, indicating a strong and successful partnership.
* Tata Consultancy Services (TCS) announced that its subsidiary, Diligenta, has successfully completed one of the UK’s largest policy migrations for Lloyds Banking Group’s Scottish Widows. * Diligenta migrated the life and pension heritage book for over 3.8 million (over 38 lakh) Scottish Widows’ policyholders onto its TCS BaNCS™ administration platform. * This included the final tranche of data for more than 900,000 (more than 9 lakh) customers. * TCS also implemented the Next-gen TCS BaNCS Wealth administration platform, migrating 980,000 (9.8 lakh) retail customers’ portfolios. * The transformation replaced multiple legacy systems with the digitally-enabled TCS BaNCS™ BFSI platform, aiming to provide faster and simpler service to customers and enable future digital servicing. * Donald MacKechnie, Chief Operating Officer and Managing Director, Longstanding, Scottish Widows, commented that this is an important milestone in their transformation program, looking forward to enhancing customer experience through digitisation. * R Vivekanand, President, Product and Platforms, TCS, highlighted that the team set a new benchmark with this migration's scale and expressed eagerness to further enhance their offerings with Scottish Widows, including leveraging AI for improved digital customer experience. * The project stems from a 15-year partnership initiated in September 2017 to replace legacy systems, simplify operations, enhance customer experience, and reduce risk for 4 million (40 lakh) customers.
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