Life insurance, pensions and retirement services firms are facing many challenges, including shifts in customer expectations, lack of flexibility to respond, and fee compression. As customers seek solutions to address their financial wellness objectives, industry providers struggle to adapt to given legacy infrastructures. Further, system redundancies and architectural silos impede adherence to industry requirements. Traditional strategies no longer allow these firms to compete effectively in a digital world. High fixed operating costs, stringent regulations, legacy systems and looming tech deficits have increased operational risks and constrained companies' abilities to innovate and create value for their end customers.
To bring new personalized products to market and deliver omnichannel services, life, pension and retirement services firms need a platform that drives digital transformation, enabling them to become truly Business 4.0™ enterprises.
TCS BFSI Platforms for Life, Pensions and Retirement Services is a digital operating model – a variable-cost utility model with outcome-driven, end-to-end digital service delivery focusing on customer experience. Key features include:
- Powered by TCS BaNCS™ at the core for Life & Pensions and Retirement
- TCS’ digital operating model enables digital transformations with a comprehensive portfolio of services that offer growth potential and superior service to retirement provider.
- Three elements – digital, peripheral, core – work together to support customer lifecycles and drive enterprise agility
- Key components: contextualized digital channel capabilities, strong contact center, and operations solutions
- Strong omnichannel capabilities, to help retirement services businesses execute customer-centric models and targeted, profitable products
Proven methodology – TCS enjoys unmatched success in driving transformation and innovation for global enterprises across industries.
Scope and scale – Successful track record of digital transformation and conversions, with more than 35 million policies from multiple companies already under administration.
Industry investments – Operation of TCS BFSI Platform for Life & Pensions is supported by TCS North America Insurance Hub, operating out of Cedar Rapids, Iowa.