Scottish Widows goes digital with TCS
Tata Consultancy Services (TCS), has completed the first phase of implementation of the TCS BaNCS Insurance Platform as part of a business transformation programme for Scottish Widows, the life and pensions arm of Lloyds Banking Group.
Deploying TCS’ platform has reduced operating procedures to the extent of 80%, significantly reducing the turnaround times, says the firm.
The firm’s policy holders now are reportedly seeing improvements to their experience, with clearer communications through the Unified Communications Hub. The simplified processes and consolidated customer data have empowered customer service representatives to achieve 80% first point of contact query resolution rate.
Donald MacKechnie, COO Lloyds Banking Group, insurance and wealth, states: “Our first phase has been completed successfully. Simplifying and modernising our systems will help us provide a better service for our customers.”
Suresh Muthuswami, global head, banking, financial services and insurance platforms, TCS, says: “By putting customer expectations at the heart of this transformation process and focusing on reducing complexity, we have achieved a new scale of mass personalisation that will give millions of customers an enhanced experience.”
TCS entered into a 15-year partnership with Scottish Widows in September 2017 for a core transformation to replace multiple legacy systems with the TCS BaNCS platform, simplify the operating model, deliver a better customer experience, and reduce risk, while providing end-to-end policy administration services to its four million customers.
TCS says its Insurance Platform is a digitally-enabled, end-to-end policy administration platform that manages life, pensions and investment products, with over 20 million policies currently under administration in the United Kingdom.