Standard Life staff move in Phoenix partnership with Tata
Standard Life house now home to Phoenix
A number of former Standard Life employees will be transferred to a second employer in quick succession after a new deal between Phoenix and Tata Consultancy Services.
Phoenix, which is Europe’s largest life and pensions consolidator, has agreed an enlarged partnership with TCS which it claims will transform its Standard Life Assurance business, acquired last year for £3.2 billion.
The new arrangement means expanding India-based TCS’s Scottish presence and establishing a technology and operations service hub in Edinburgh. It will see a significant number of Standard Life employees move over three years to TCS which already handles 5.5 million Phoenix policies. The new deal will add a further 4.2m policies.
Susan McInnes, CEO of Standard Life Assurance, said: “We want to ensure we lead the way in meeting the needs and expectations of all our customers in the future, and become an even more innovative, progressive, well run business.
“We believe a partnership model is absolutely the right approach. It enables us to work with a leading global organisation with great expertise and to respond to the dynamic environment that we’re operating in.
Susan McInnes: partnership model
“Working in partnership with TCS will support our growth strategy in the workplace market and bring benefits to workplace clients and scheme members. It will accelerate our ability to innovate and efficiently evolve our proposition in the future, whilst continuing to deliver excellent customer service.”
Suresh Muthuswami, president, BFSI Platforms, TCS, said: “We have cherished our partnership with Phoenix over the last 16 years and are truly delighted with the opportunity to serve Standard Life Assurance in a significant manner.
“Our focus will be to bring the power of digital technologies to further improve customer experience to Standard Life Assurance’s customers including employers, Employee Benefit Consultants and members.
“This exciting partnership builds on our existing substantial presence in Edinburgh to support Standard Life Assurance, and TCS’s growth plans.
“We will be leveraging our presence in Edinburgh to enable Standard Life Assurances’ workplace clients and their advisers to collaborate and envision the future digital transformations to help shape our future offering.”