TCS partners with Phoenix Group for workplace pension clients

On Sensex, TCS stock ended at Rs2460.05 per piece tumbling by 1.70%.

Sep 17, 2020 05:09 IST India Infoline News Service

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IT-giant Tata Consultancy Services (TCS) has partnered with Phoenix Group which is the UK’s largest long-term savings and retirement business, on Thursday, to launch an enhanced client analytics tool for workplace pension clients of its Standard Life Assurance Limited business.

Key features of the enhanced client analytics tool as per the regulatory filing are:
  • It organises and presents data by specific member behaviours to create valuable insights.
  • The dynamic filter tools will enable clients to segment their members based on a range of metrics including age, gender and pension value.
  • It provides information to help develop an understanding of members’ behaviours and trends.
  • The dashboard will be simple-to-use and provides data-driven insights to help better understand the profile and needs of scheme members and inform decision making.
  • Messaging costs will be reduced by communicating to members in the manner they are most likely to respond.
  • It will be made available across all product types and released on a phased basis. The tool’s features and functionality will be continually reviewed based on feedback from clients and their members.

Suresh Muthuswami, Global Head, BFSI Platforms, TCS, said: “The new client analytics tool we are launching today in partnership with Phoenix Group leverages our investments in Platform Analytics, and ensures that workplace clients have access to the best technology to help their members get the most from their pension schemes."

While Gail Izat, MD of Workplace, Phoenix Group said, "With the launch of this tool we are empowering clients to make data-driven decisions which have the potential to improve retirement outcomes for members. We know our clients need a simple and efficient way to stay on top of the activity within their pension schemes and to see trends in real-time. This tool will enable them to have the ability to act on this information quickly."

In its regulatory filing, TCS points out that the tool will provide employers and trustees with much richer insights, enabling them to segment their membership base to take more targeted action with their scheme members as well as exercise their governance and oversight responsibilities.

On Sensex, TCS stock ended at Rs2460.05 per piece tumbling by 1.70%. 

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