What will TCS do under this agreement?
Selling TCS life insurance policies under the tie-up with Phoenix Group will improve customer experience for ReAssure’s policyholders. Incidentally, ReAssure was acquired by Phoenix Group in 2020 during Covid. Under the agreement with TCS, TCS will change the way ReAssure works and integrate it with Tadep’s core banking software, TCS BaNCS.
Diligenta will reportedly handle the servicing of ReAssure’s 3 million policies on behalf of Phoenix Group. Diligenta is a subsidiary of UK’s TCS. In simpler words, the task of TCS under this agreement is to improve the service quality of the Phoenix Group.
Incidentally, TCS has come out with its third quarter results only last month. In the results for that quarter, net profit increased by 11 percent. Which is Rs 10,833 crore in monetary terms. Also, the net margin of the company increased by 18.60 percent.
Brid Mayne, CEO of Phoenix Group’s Heritage Division, said of the agreement, “This agreement will clearly demonstrate Phoenix’s digital focus and benefit customers.”
TCS share price
TCS shares rose 1.37 percent on Wednesday alone. TCS shares have gained 2.09 percent in last 5 days. On the other hand, the share price of TCS has increased by 6.03 percent in the last one month. TCS shares are currently priced at Rs 3,520.