The pandemic adversely impacted the operations and business of the Life and Pensions (L&P) insurance industry and made insurers realize the pressing need for digitalization and innovation while working to enhance efficiencies across operations. This Everest Group PEAK Matrix® report assesses the business capabilities of L&P Insurance BPS/TPA (third-party administrator) service providers.
The report highlights the following as TCS’ strengths:
- Continued expansion of the client base in L&P insurance BPS and largest scale of policies being administered in comparison with other TPAs/BPS providers. This growth has helped TCS’ expansion journey since the growth has come from key markets such as the US, Ireland, Continental Europe, and Asia Pacific.
- The ability to expand its transformation value proposition by going beyond the TCS BaNCS™ platform—which would be taken up by more large, well-funded insurers—and developing an array of cognitive solutions to enable digitalization for BPS clients across areas like intake digitization, claims adjudication, and illustration generation. The BaNCS™ platform has also been enhanced through integration with digital modules and third-party data sources for digital verification.
- Being a TPA player, TCS services the complete value chain from actuarial to claims, with its scale being comparatively strongest in policy servicing. The company has also added niche services and has continued to move up the value chain through new wins.