TCS enters 10-year partnership to build insurance provider AIB's digital infrastructure 

IT behemoth Tata Consultancy Services (TCS) announced in a release on Monday that the company has partnered with AIB life, the newly formed joint venture between Allied Irish Banks plc and Great-West Lifeco, to launch their operations in Ireland with a future-ready, digitally enabled, platform that supports its vision to help people on their path to financial security, one step at a time.

Vivekanand Ramgopal, President, BFSI Products and Platforms at TCS, said after the announcement, "Financial services firms and their customers around the world are benefitting from the rich functionality and omnichannel experiences offered by TCS BaNCS. Its Digital First, Cloud First architecture is tailor-made for the digital-first approach that AIB life has taken. We are delighted to support the launch of AIB life and be a partner in the exciting journey ahead."

The company further noted in a release that the company was selected as the strategic partner to help build a digital first, full-service life company for the Irish market. 

Jacquie Doyle, COO, AIB life, said: "The Joint Venture between AIB and Great-West Lifeco, which will provide AIB customers with exclusive access to AIB life protection, pensions, and investment products, has entered into a 10-year partnership with TCS to build and operate a future-ready digital infrastructure that enables customers to more effectively plan their finances and investments.

Moreover, the company added that they supported to create a modern, cloud-based technology stack ground up, with its flagship insurance platform TCS BaNCS™ at the core that gives AIB's 3.2 million customers the ability to access financial advice and a range of integrated AIB life protection, pensions, and investment products in their branch, by phone and via the AIB mobile banking app. The solution also integrates with AIB's nationwide network of 120 financial advisors from whom customers can seek financial guidance.

Apart from that, TCS will also provide IT, customer, and claims handling services for AIB life in a managed insurance services model. The end-to-end policy administration services will be provided from the TCS Global Delivery Centre in Letterkenny, Co. Donegal.