TCS Recognized as a Leader in Insurance BPO by Everest Group
Report cites TCS’ market share, scale and buyer satisfaction
NEW YORK | MUMBAI, December 11, 2014: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading IT services, consulting and business solutions organization, today announced that it has been ranked as a ‘Leader’ in Insurance Business Process Outsourcing (BPO) by Everest Group in its report, 'Insurance BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2014, November 2014'.
TCS’ ’leader' designation was driven by its 20 percent market share (by revenue) in the insurance BPO landscape, ability to sign large contracts, strong technology capabilities with investments in augmentation and platform-based solutions, balanced shoring capabilities with strong prescence in the U.S. and U.K., and strong innovation and analytics capabilities to drive high buyer satisfaction.
“TCS is a leader due to a combination of significant market share and high delivery capability,” said Rajesh Ranjan, Partner and Head, BPS Research, Everest Group. “Its insurance-focused technology solutions, balanced shore delivery model, and ability to execute large and complex deals provides a credible option for Insurers. This is evident by high buyer satisfaction ratings, where they cite TCS’ commitment to delivery excellence, technology interface and integration and ability to self-identify and fix issues.”
“Everest Group’s recognition of TCS as a leader in insurance operations reflects the investments we have made in being relevant to our clients for their current and future business process services requirements,” said TCS’ Abid Ali Neemuchwala, Global Head of Business Process Services. “Globally, insurers seek partners who can help them address the complexities of the changing business, regulatory and technology environments. TCS has become the partner of choice for them, with our unique operations and technology capabilities that enable insurers to simplify their processes and significantly improve compliance.”
Today’s insurance industry is grappling with lower asset returns than ever before while seeking to capitalize on the increasing global opportunities and changing customer demographics. Insurers seek to create new business models that will give them the operational agility and global reach at a competitive cost base. Insurers globally have partnered with TCS to meet these objectives in their existing operations and greenfield ventures. TCS’ FORE™ simplification methodology, Robotic Process Automation framework, TCS BaNCS platform on the cloud, analytics and TRAPEZE™ solution ensure that insurers have better compliance and controls, and a roadmap to business excellence and predictability of business results.
The Everest Group report analyzed the position of 20 service providers specific to the Insurance BPO market. They were mapped on Everest Group’s Performance, Experience, Ability, and Knowledge (PEAK) Matrix™, a composite range of distinct metrics that measures each provider’s capability and market success.
About TCS Business Process Services (BPS)
Business Process Services (BPS) at TCS is about managing and executing business operations. Our domain expertise helps deliver core business processing across industries, analytics and insights and support processes such as accounting, HR and supply chain management. TCS partners with customers to accelerate co-transformation, and generates business value for customers through delivery excellence, risk management, and innovative models such as Platform BPS which delivers process as a service. With annual BPS revenues of greater than US$ 1.6 billion, TCS is one of the largest BPS providers with 60,000+ employees servicing 275+ customers across the globe.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS,infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 300,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $13.4 billion for year ended March 31, 2014 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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