January 22, 2018
TCS recognised as overall leader in life and pensions insurance BPO services for second straight year by Everest Group
Report cites Tata Consultancy Services’ sizable revenue and client base, transformation capabilities and high customer satisfaction as key strengths
NEW YORK | MUMBAI: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, has been recognised as the Overall Leader for the second year in a row by the Everest Group’s Life and Pensions Insurance BPO – Service Provider Landscape with PEAK Matrix™ Assessment 20171.
The report cites TCS’ digital and transformation capabilities, as well as implementation across multiple Life and Pensions (L&P) clients supported by Robotic Process Automation (RPA), platforms and analytics. The report also emphasises TCS’ significant growth in revenue and client base, exhaustive coverage of different lines of business, huge delivery footprint, and high customer satisfaction.
Suresh Muthuswami, president and global head, banking, financial services and insurance platforms, TCS, said, “Life and pensions insurers today are focused on transforming their operations for greater flexibility and agility, and leveraging digital technologies to align their products to evolving customer needs. This leadership ranking is recognition of the market leading success enjoyed by TCS’ comprehensive set of offerings in the L&P value chain.”
TCS' extensive experience in working with leading insurers across the world over the last few decades has helped develop deep business expertise in the life and pension domain, and a large talent pool that holds major industry certifications. This domain depth, combined with TCS’ tradition of investing in building intellectual property has resulted in the creation of differentiating digital offerings and solutions, including TCS Customer 720 View, forms modernisation and business rules extraction offering for insurers – that deliver significant time to market advantages to customers.
At the core of TCS’ offerings for life and pensions customers seeking to transform their operations is TCS BaNCS Insurance, a complete, open architecture digital solution with an integrated business rules engine, encompassing policy administration, data management, integrated imaging, and workflow administration. It has been successfully deployed as a cloud-based shared platform in the United Kingdom, where it has enjoyed much market success, and is used to administer over 17million policies belonging to different insurance companies in a shared-technology, shared-services model.
TCS has since adapted the platform to meet the operational and regulatory needs of the U.S. market, and started 2018 with its first big win in the United States, when Transamerica signed up for the administration of over 10million policies, making the multi-year, $2Bn+ contract the largest one signed by TCS to date.
Anupam Jain, practice director, Everest Group, said, “TCS’ experience and technology-aided delivery capability have helped it establish itself as a leading service provider in L&P insurance BPO market. Its exhaustive coverage of processes in L&P insurance, automation offerings, and analytics solutions have realised cost and operational efficiencies for a number of its clients, especially in the U.K. closed blocks businesses. With its robust suite of technology solutions and a referenceable client base citing its capability to transform operations, it is well positioned to serve the needs of buyers beyond U.K.as well.”
“Our unparalleled domain expertise in the insurance domain, contextual knowledge of our customers’ business and depth in digital technologies, backed by our investments in advanced analytics, cognitive automation solutions and of course, TCS BaNCS, makes us the trusted partner for progressive life and pensions insurers looking to build the digital core that will power their Business 4.0 transformational journeys,” added Mr Muthuswami.
1 Everest Group, Life & Pensions Insurance BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2017 by Anupam Jain, Skand Bhargava, Saurabh Verma and Somya Bhadola.