TCS Recognized as a Leader in NelsonHall’s NEAT Vendor Evaluation for Life, Annuities & Pensions BPO (Overall market segment)
Report Cites TCS’ Strong Ability to Deliver Immediate Benefits and Capabilities to Meet Customers’ Future Requirements
New York | Mumbai, February 12, 2014: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading IT services, consulting and business solutions organization, announced, today, its ‘Leader’ ranking in Nelson Hall’s December 2013 NEAT vendor evaluation for Life, Annuities & Pensions BPO (Overall market segment).
NelsonHall’s vendor Evaluation & Assessment Tool (NEAT), part of its Speed-to-Source initiative, is a method by which sourcing managers can strategically evaluate vendors at the onset of the screening process. Using a two-axis model, vendors are assessed against their ability to ‘deliver immediate benefit’ to buy-side organizations and ‘meet client future requirements.’The latter axis is a pragmatic assessment of the vendor’s ability to take clients through an innovation journey over the lifetime of their next contract. Service providers are divided into four categories: Leaders, High Achievers, Innovators and Major Players.
TCS’ positioning as a ‘Leader’ is based on a combination of analyst assessment, principally around measurements of its ability to deliver immediate benefit; and feedback from interviewing of vendor clients, primarily through measurements of levels of partnership and ability to meet future customer requirements.
“A core requirement within the LA&P BPO market is the ability to bring down the cost of legacy policy handling through platform consolidation and strong policy administration capabilities. TCS was early in developing platform-based offerings and has been successful in transferring policies to its TCS BaNCS platform. TCS will continue to be a major player in the UK closed- and open-block life BPO market, and is well positioned to succeed in continental Europe,” said Fiona Cox, Research Analyst, Nelson Hall.
“TCS with its strong service delivery record and innovative leverage of technology through its BaNCS platform has gained a significant mindshare with Insurance providers seeking efficient and effective operations. It indeed thrills us to have Nelson Hall recognize this by positioning us as a leader in their Life, Annuities & Pensions NEAT vendor evaluation,” said Abid Ali Neemuchwala, Global Head, Business Process Services, TCS.
Insurers, today, are looking to address challenges including everchanging consumer demands, poor investment returns (low equity yields) and changes to regulation (Solvency II and RDR). They are increasingly turning to partners such as TCS to help them stay competitive in the market place. With TCS’ BaNCS platform, customers can achieve best-in-class processes executed on best-of-breed technology, helping them to have better compliance and controls, a roadmap to business excellence and predictability in business results.
NelsonHall is the leading global BPO, HRO and IT outsourcing research & analysis firm with analysts across the US, UK and Continental Europe. Founded in 1998, the Company takes a global approach to analysis of vendors and outsourcing markets and is widely respected for the quality and depth of its research. NelsonHall also offers a suite of “speed-to-source” tools, (NEAT), that assist buy-side executives in saving time and money, while enhancing the quality of their sourcing decisions, in business process outsourcing and IT outsourcing evaluations. In particular, NelsonHall helps organizations ensure that key BPO and ITO sourcing decisions are based on industry reality not market hype, providing the detailed and objective market and supplier knowledge required for sourcing success through its sourcing tools, online information, and unrivalled analyst access.
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About TCS’ Business Process Services
Business Process Services (BPS) at TCS is about managing and executing business operations. Our domain expertise helps deliver core business processing across industries, analytics & insights and support processes such as accounting, HR and supply chain management. TCS partners with customers to accelerate co-transformation, and generate business value for customers through delivery excellence, risk management and innovative models such as Platform BPS, which deliver process as a service. With annual BPS revenues of greater than US $1.44 billion, TCS is one of the largest BPS providers with 50,000+ employees servicing 225+ 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 285,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 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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