TCS completes data migration for Scottish Widows
Financial services giant Scottish Widows has successfully migrated the data of more millions of policy holders to a new administration platform. The move was executed with the help of Tata Consultancy Services.
Founded in 1815, Scottish Widows is a wealth management and investment company based in Edinburgh, Scotland. Over the last 110 years, the company has developed its product range to include workplace and individual pensions, annuities, life cover, critical illness and income protection, as well as savings and investments.
The age of digital business brings new challenges, though. When it became clear a number of legacy systems would have to be replaced with an online platform to provide customers with faster and simpler service from Scottish Widows, it was a major undertaking.
The resulting TCS BaNCS 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. It is a complete, open architecture solution with an integrated business rules engine, encompassing policy administration, data management, integrated imaging, and workflow administration.
But navigating the migration of customers to that platform was no cake-walk. To help, fortunately, Scottish Widows could count on its long-term digital partner, Tata Consultancy Services (TCS).
Scottish Widows first entered into a 15-year partnership with TCS in September 2017 for a core transformation to replace multiple legacy systems with the TCS BaNCS platform, simplify the operating model, deliver a superior customer experience, and reduce risk, while providing end-to-end policy administration services to 4 million customers. So, when it came to moving over 3.8 million life and pension customers to the platform, it was well prepared for the task.
R Vivekanand, president for product and platforms at TCS, commented, “The team has set a new benchmark following a migration of this scale. Our relationship with Scottish Widows continues to thrive, and we look forward to further enhancing what we do with them including leveraging state of the art technology developments like AI to further improve digital customer experience”.
The administration platform will now be managed by Diligenta, a leading life and pensions provider in the United Kingdom, and a subsidiary of TCS. TCS’ platform will also support servicing existing Individual Savings Accounts/Open Ended Investment Company (Mutual Funds) products while enabling future digital servicing for customers.
Donald MacKechnie, chief operating officer at Scottish Widows added, “We have reached an important milestone in our transformation programme, and our ongoing relationship with Diligenta and TCS. We look forward to continuing to enhance customer experience by providing customers with better and faster service, enabled by digitisation.”
