TATA Consultancy Services (TCS), a leading global IT services, consulting, and business solutions organisation, has been recognised as a Leader and Star Performer in the Everest Group PEAK Matrix for Insurance Application Services.
In an assessment of 24 global service providers offering insurance IT services, TCS was positioned highest for market impact and vision and capability and was also named a Star Performer for having a top quartile year-on-year improvement in scores.
The strengths highlighted in the report include TCS’ comprehensive portfolio of domain-focused point solutions, integrated platforms, and targeted accelerators, and its strong uptick in digital projects and ability to scale pilots into programs. The report mentioned that TCS dominated the headlines with large-scale insurance deals in 2017-2018. The company’s investments in solutions/accelerators, partnerships, and enhanced engagement with startups through its Co-innovation Network (COIN) are highlighted as distinguishing features.
“Insurance carriers are embarking on a Business 4.0 journey to transform their business models by adopting agile at scale, and embracing cloud and automation,” said K Krithivasan, executive vice president and global head, banking, financial services and insurance, TCS. “Our positioning as a Leader in an independent third party assessment, for the eighth consecutive year, is a validation of our investments in innovation, differentiated capabilities across the insurance value chain, and the resultant market success.”
TCS has been working with top insurers across the world, providing solutions and digital transformation services that address business challenges such as modest premium growth, rising customer and agent expectations, rising costs to serve customers, new risks such as cyber-security, legacy system maintenance, increasing costs of regulatory compliance, and the rise of non-traditional competitors.
TCS’ industry-trained and LOMA, LIMRA, and CPCU-certified domain experts work with technology teams from the various digital practices to create innovative operating models across the value chain for life insurance, pension and annuity, personal lines insurance, commercial lines insurance, health insurance, and reinsurance and broking companies. The company helps insurers in their digital transformation journeys by innovating their customer engagement models, business processes, business models and helping them drive superior business results in the form of increased customer centricity, revenue growth, and efficiency.
TCS has developed a wide range of next-generation digital solutions for insurers, such as an AI-based insurance advisor bot, an analytics-based digital insurance hub, a digital app synthesiser, IoT-based connected auto and home solutions, drone-based intelligent remote risk and claims inspection system, and a Big Data-based Customer 720 Solution.
“As insurers are re-thinking their business philosophy and transitioning from an ‘insuring loss’ to an ‘ensuring protection’ mindset, service providers are looking to expand their product offerings and provide a frictionless experience to end-customers by modernizing the core and adopting digital enablement technologies,” said Ronak Doshi, practice director, Everest Group. “Deep domain expertise, a global delivery presence, execution experience across large-scale engagements, and investments in its Business 4.0 framework has helped TCS strengthen its value proposition and position it as a Star Performer and Leader on the 2018 Everest Group Insurance Application Services PEAK Matrix.”
“Through our customer-centric structure and mindset, which facilitate a strong understanding of the insurance business and contextual knowledge, and the investments we have made in building intellectual property and scale in emerging technologies, we are helping insurers adapt to changing market dynamics and deliver a superior customer experience,” added K Krithivasan.