Tata Consultancy Services (TCS), a prominent figure in IT services and consulting, has achieved a significant milestone by completing the migration of Scottish Widows’ life and pension heritage book onto its TCS BaNCSTM administration platform. This effort was executed by Diligenta, a top life and pensions provider in the UK and a TCS subsidiary.
The latest tranche of data transferred by Diligenta pertains to more than 900,000 customers, culminating the Life and Pension migrations for over 3.8 million Scottish Widows customers onto the modern TCS BaNCSTM Platform.
Additionally, TCS has rolled out its Next-gen TCS BaNCS Wealth administration framework tailored for the UK market. This update successfully migrated 980,000 retail customers’ portfolios onto the platform. The new system aims to support existing Individual Savings Accounts/Open Ended Investment Company (Mutual Funds) products while paving the way for advanced digital servicing.
The transformation at Scottish Widows has seen the replacement of several older systems with TCS’s cutting-edge BFSI platform, promising customers increased speed and simplicity in service.
Donald MacKechnie, Chief Operating Officer and Managing Director, Longstanding at Scottish Widows, articulated an optimistic outlook on their transforming relationship with Diligenta and TCS.
R Vivekanand, who oversees Product and Platforms at TCS, lauded the innovation and efficiency demonstrated in this large-scale migration.
Since entering into a 15-year partnership with Scottish Widows in 2017, the goal has been clear: to replace outdated systems, simplify operations, and deliver a top-tier customer experience. This collaboration aims to reduce risk while managing policy administration for 4 million customers.
The TCS BaNCS Insurance Platform is not only digitally savvy but offers a comprehensive solution for managing life, pensions, and investment products, with an extensive reach that covers over 20 million policies presently in the UK. Its open architecture and integrated business rules engine offer streamlined operations through comprehensive policy administration, data management, integrated imaging, and workflow administration.
