Phoenix Group Partners with TCS to Improve Retirement Outcomes for Workplace Pension Clients
- 17.09.2020 02:17 pm
Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, announced that it has partnered with Phoenix Group, the UK’s largest long-term savings and retirement business, to launch an enhanced client analytics tool for workplace pension clients of its Standard Life Assurance Limited business.
The new service has been launched following detailed consultation with clients and their advisers on their requirements. It is the first outcome of Phoenix Group’s enlarged strategic partnership with TCS, announced at the end of 2019, and another step in Standard Life Assurance’s Development Roadmap for 2020 and beyond, demonstrating the important role TCS will play in enhancing its workplace proposition.
The new 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. These enhanced analytics have been rolled out to an initial group of clients who have supported the development.
The tool will gather, organise and present data by specific member behaviours and groupings to create valuable insights. This will be displayed on a simple-to-use dashboard that will provide workplace clients with self-service information to help them understand the profile and needs of their members to help inform decision making.
“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,” said Gail Izat, MD of Workplace, Phoenix Group. “This is the first joint development we have undertaken with TCS as part of our partnership and will be one of many innovations the partnership will deliver in the future. It demonstrates Phoenix’s commitment to driving growth in the workplace market and maintaining our leadership position.”
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. TCS has focused on tapping into the power of its digital platform to improve the experiences of Standard Life Assurance’s customers, including employers, employee benefit consultants and members, and to enhance the ways in which they interact with Standard Life. We look forward to innovating further to help Phoenix Group provide superior customer experience.”
Key features of the enhanced client analytics tool:
- 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 the 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.