PHOENIX GROUP HOLDINGS PLC (Alliance News) - Phoenix Group Holdings PLC said on Tuesday it plans to extend its partnership with IT services provider Tata Consultancy Services.
Phoenix Group is a long-term savings and retirement business, providing pensions and savings products. It is based in London.
Under the extended partnership, Phoenix will move around 3 million policies from its Alpha platform to the Tata Consultancy Services' BaNCSTM platform, provided by TCS's UK subsidiary Diligenta.
As a result, the Alpha platform will be decommissioned, with all policies moving on a staggered basis to TCS's platform by 2026.
"Consolidating all policies on TCS BaNCSTM will allow the business to benefit from TCS's significant ongoing investment in the platform with Phoenix customers benefiting from the clear digital focus, consistent customer journeys and customer proposition provided by one platform," the company said.
Phoenix Group added that some back-office administrative processes will be moved to TCS's operational hub in India as part of the partnership. This will eventually lead to the closure of the Phoenix site in Hitchin, England by 2026.
"Phoenix is working with TCS to finalise the detail of changes proposed, and - at an appropriate time - will enter consultation with impacted employees. Phoenix will look to ensure that redundancies are kept to a minimum wherever possible," the company said.
Shares in Phoenix Group closed 0.8% lower at 630.20 pence on Tuesday in London.
By Heather Rydings, Alliance News senior economics reporter
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