TCS Named a Leader in Life & Annuity Insurance IT Services PEAK Matrix® by Everest Group

Tata Consultancy Services’ modular solutions, coverage across individual and group markets, focus on customer intelligence, and substantial investments in CoE’s for product innovation using emerging technologies are cited as key strengths.

NEW YORK | MUMBAI, September 23, 2024: Tata Consultancy Services (TCS) has been positioned as a Leader in Everest Group’s PEAK Matrix® for Life & Annuity (L&A) Insurance IT Services 20241.

The report assesses 24 leading L&A IT service providers on their capabilities to assist carriers on a comprehensive transformation backed by a vast talent pool, domain expertise and implementation experience across core life insurance platforms. TCS’ strong solution portfolio infused with the power of next-gen technologies such as GenAI and automation, deep investments in innovation and extensive scope of services placed the firm ahead of the competition.

Calling TCS a strong partner of choice for L&A carriers, the report says: TCS has “Demonstrated success proof points of modular solutions to beef up its advisory-led capabilities, coverage across individual and group markets, and retirement services suite focussed on processes such as onboarding, payroll processing, portal design and regulatory reporting.”

TCS’ focus on customer intelligence and insights offerings that enable it to up-sell/cross-sell personalized products. Additionally, its innovative digital twin solution (TCS TwinX^TM) that allows simulation of customer journeys for new product launch, are highlighted as the key market differentiators.

The report goes on to speak about the substantial investments TCS has made in CoEs for product innovation using emerging technologies such as AI, metaverse, and quantum computing to serve potential disruptions within the life insurance segment. This, the report says, has greatly enhanced TCS’ value proposition.

“Life & Annuities Insurers are making the shift from legacy to future-ready systems to propel business innovation, resilience, and growth. TCS, as a strategic partner is helping them lead this change with curated customer journeys across complementary ecosystems, leveraging AI and GenAI infused solutions”, said Shankar Narayanan, President and Business Head, BFSI TCS. “This recognition as a leader reflects our robust capabilities that enable insurers to deliver greater outcomes with unmatched experiences.”

TCS offers a full spectrum of IT & Infrastructure Services to its clients across Life, Annuities and Retirements business lines, backed by its deep domain and contextual knowledge, technology leadership in emerging areas, and strong advisory capabilities strengthened with its foundational research and innovation knowledge.

TCS deploys best in class delivery methodologies and models, helps us to envisage the customers objectives and provide solutions to achieve their vision, long term objectives, gains and help them to provide better experience to their stake holders. Towards this TCS has been making strategic investments in training the associates in Next Gen technologies   and building platforms like TCS AI WisdomNext^TM designed to facilitate enterprise adoption of Gen AI at scale, which is well-received by Life and Annuities customers, indicating strong traction for TCS’s AI offerings in the market.

TCS proven expertise in emerging, current, and legacy technologies, global experience, strategic investments in research and innovations backed by partnership with hyper scalers and all major technology vendors has been instrumental in delivering creating next generation digital offerings for Life, Annuities providers to deliver greater value to their customers by offering value added differentiated products and services to their customers."TCS has strengthened its position as a partner of choice for L&A carriers by demonstrating its capability to offer modular solutions for carriers across individual, group, and retirement and pension LoBs,” says Vigitesh Tewary, Practice Director at Everest Group. “The firm's investments in customer intelligence, personalized products, and digital twins for customer journey simulations, along with its investments in CoEs for emerging technologies such as AI and advanced computing, have enhanced its value proposition to help carriers respond appropriately to industry disruptions. This has earned them recognition as a Leader in Everest Group’s Life and Annuity Insurance IT Services PEAK Matrix® assessment 2024.”

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TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

TCS Named a Leader in Life & Annuity Insurance IT Services PEAK Matrix® by Everest Group

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Find out more

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Adaptability starts here

Find out more

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