MUMBAI: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been positioned among the top three providers of the Top 10 HFS for insurance services. In an evaluation of 18 insurance service providers, TCS ranked number 1 for overall execution, breadth and depth of insurance capabilities, and enterprise scale.
“In an age of uncertainty, new risks and growing customer awareness and expectations, insurance companies are reinventing themselves by transforming from the ground up. Progressive insurers are partnering with TCS to embrace next-generation digital technologies to drive insurance value chain transformation and improve customer experience,” said K Krithivasan, Group Head of activities, banking, financial services and insurance, TCS. “This ranking reflects our strong domain and technology capabilities, our network of partnerships, and the focus on innovation we bring as we lead change for our insurance customers.”
With deep domain knowledge and unparalleled technology expertise, TCS is an innovation and transformation partner of choice for global insurers. It offers a comprehensive portfolio of IT services, consulting and advisory services in growth and transformation, application development, product implementation and configurations, TCS BaNCS insurance policy administration products, BFSI platforms, cognitive business services , innovation as a service from ideation, enabling core capabilities and agile implementation.
TCS has a proven track record of delivering large and complex business transformation programs for leading insurers in life insurance, annuity and pensions, property and casualty insurance, reinsurance and insurance brokerage, delivering a superior customer experience, improving performance and creating immense value. Insurers around the world are leveraging TCS’ flagship intellectual property, including TCS Conversa™, a conversational platform leveraging AI/ML to enable self-service interactions.
TCS leverages its Business 4.0™ framework and Machine First™ approach, Co-Innovation and Research Centers, TCS Pace Ports™ and Co-Innovation Network (COIN™) to deliver superior business results to its customers in the insurance industry.
TCS BaNCS solutions for insurance cover life insurance, annuities, pensions, property and casualty, reinsurance and health insurance, supporting every event in the life cycle of a policy. Built on a digital core, the solution’s APIs and cognitive tools such as AI and analytics have helped insurers improve efficiency, pull insights to create contextual offers, expand their footprint and seamlessly connect to collaborative ecosystems for increased impact.
The TCS BFSI platform powered by TCS BaNCS provides end-to-end platform-as-a-service capabilities. Over six major UK and European insurers and one major US insurer have leveraged BFSI platforms to improve customer experience, enabling a data and analytics engine, electronic communications hub and cloud infrastructure.
Reetika Fleming, Head of Research, HFS, said, “TCS has once again emerged in our research as one of the global leaders in insurance services. The service provider is aligning its capabilities to help operators on fundamental transformation themes such as business agility, faster time to market and cost optimization. In particular, HFS sees the Research wing and the co-innovation network of TCS as powerful drivers of value for insurance customers and serves them well in their quest for innovation.
“TCS combines its extensive experience in the insurance industry with its contextual knowledge, investment in innovation and intellectual property to help insurers achieve sustainable growth and profitability while remaining relevant to customers,” said added K Krithivasan.