Mumbai, Feb 8 (PTI) Country's largest IT services company TCS on Wednesday announced a GBP 600 million (over Rs 5,986 crore) deal to improve customer experience for UK's financial services player Phoenix Group.

This is an expansion of what the company called a strategic partnership with the UK's largest long-term savings and retirement provider, as per an official statement.

Also Read | Education Ministry Says No Proposal To Convert Existing Institute, Varsity Into Central University.

TCS will digitally transform Phoenix's 'ReAssure business' using its 'BaNCS' based platform, it said, adding that the contract for the end-to-end business transformation, including administration services is valued at over GBP 600 million.

The deal, which comes at a time when concerns have been raised about the IT sector's ability to bag mega deals given the global environment, involves transformation of ReAssure's operations, consolidating the heritage business on the BaNCS-based digital platform used to administer Phoenix Group's other books of business, it said.

Also Read | Punjab State Dear Mahashivratri Bumper Lottery 2023: Know Prize Money, Draw Result Date And Other Details.

Customer administration and servicing of ReAssure's 3 million policies will be managed by Diligenta, TCS' regulated subsidiary in the UK, on behalf of Phoenix Group, it added.

The solution will help Phoenix transform the end-to-end customer service through self-service across channels and analytics to enhance customer satisfaction and retention, it said.

TCS will leverage its Innovation Lab in the UK where its contextual experts and solution architects look for new ways of harnessing digital technologies to enhance the experience for policy holders, advisers, employers and operational staff, and to continuously improve the service quality for Phoenix Group's customers, the statement said.

"…this transformation will ensure that Phoenix's customers benefit from the clear digital focus, consistent customer journeys and customer proposition provided by one platform," Brid Meaney, chief executive of heritage division of Phoenix Group, said.

"We are delighted to further expand our long-standing partnership with Phoenix Group to digitally transform its ReAssure business, drive synergies and improve the end-to-end customer experience," said R Vivekanand, President - BFSI Products and Platforms, TCS.

Shares of TCS settled 1.38 per cent up at Rs 3,518.70 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)