Phoenix Group is extending its strategic partnership with technology provider TCS to help grow the company’s workplace business.
This extended partnership will now provide services for Standard Life Assurance, which Phoenix acquired in 2018.
TCS will create a single , open architecture for workplace pensions and savings, as well as a digital operating platform for Standard Life.
This move will also enable further digital and technology capabilities to be developed, and will allow Standard Life to parter with a variety of innovators and experts as its develops its wider workplace offering.
A key element of this deal is TSC’s commitment to expand its presence in Scotland and establish a further TCS technology service hub in Edinburgh. A number of Standard Life employees will transfer to TCS as part of this arrangement.
Phoenix says it wants to accelerate the its speed to market, and ensure technology evolves to meet the needs of workplace advisers, employers and scheme member. As a result it says it hopes to provide much richer insight for workplace clients.
Standard Life Assurance chief executive Susan McInnes says: “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 the right approach. It enables us to work with a leading global organisation and to respond to the dynamic environment we’re operating in.
“Working in partnership with TCS will support our growth strategy in the workplace market and bring benefits to workplace clients and scheme members. “
Phoenix has worked with TCS for the past 16 years. Suresh Muthuswami, president of BFSI Platforms, TCS, says the company was looking forward to extending this to include Standard Life Assurance. “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.”