TCS a Leader in Life, Annuities & Pensions BPS: NelsonHall
Cited as Strengths are Tata Consultancy Services’ Competitive Deal Wins in Various Geographies and Experience in Serving Multi-line Carriers Across a Range of Products
LONDON | MUMBAI, August 3, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, has been recognized as a Leader in the NelsonHall NEAT for Life, Annuities (L&A) and Pensions BPS[1]. In an assessment of 12 global insurance service providers, TCS was placed highly for its ability to deliver immediate benefits and to meet future client requirements.
According to the report, TCS’ recent competitive wins in multiple geographies has invigorated the entire TCS enterprise, particularly the L&A business. It goes on to say that long-standing clientele trusts TCS with both open and closed block business. The report recognizes the company’s success in leveraging its TCS BaNCS™ platform to attract customers and increase durability of customer accounts. It also says that TCS’ BPaaS offerings are helping clients achieve faster time-to-market and better vendor management.
“As insurers navigate through the current crises, driving growth has become the top priority followed by delivering value and building resilience for the long term. Forward thinking insurers are achieving this through investments in digital technologies, skill upgrades, and new customer engagement channels to enable competitive differentiation,” said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. “This recognition from an independent third-party research firm is a validation of our vision, digital capabilities across the end-to-end life and annuities value chain, and the resultant market success.”
TCS has established a successful track record in implementing large and complex business transformation programs for leading insurers across global markets, helping them create immense value. It currently supports over 40 global L&A providers across their entire value chain, addressing emerging business needs. TCS offers a comprehensive portfolio of services and solutions across the entire L&A value chain, spanning:
· Life – Fixed and variable life, group term life, wealth and income protection, whole life, endowment, conventional, universal life and so on.
· Annuity – Fixed annuity, variable annuity, conventional annuities, and with profit annuities.
· Retirement – Group, personal pension, unit linked, workplace pensions, corporate pensions, bonds, retail pension, individual pension, and IRA.
TCS provides customized solutions, flexible service models, customer experience-centric transformations, platform-led offerings, and a TPA network in North America and the UK. Additionally, its near shore delivery capabilities, robust risk management, security and compliance frameworks, deep domain knowledge and rich IT experience have helped catapult TCS to the top spot in the market. Currently, the company administers over 25 million policies on its cloud-based digital platform.
Through its Business 4.0™ framework and the Machine First™ Delivery Model (MFDM™), TCS is further enhancing its services with integrated operations and cognitive intelligence offerings, to emerge as a one-stop shop for all insurance services eliminating the need to engage with multiple vendors.
John Willmott, CEO, NelsonHall, said: “TCS’s combination of its BaNCS platform and Machine First Delivery Model enables the company to onboard new blocks of business cost-effectively and provide ongoing efficiency savings for declining closed blocks of business, while increasingly offering a digital option for key transactional moments with life customers and IFAs.”
“TCS has been a transformation and innovation partner of choice for global insurers and has been instrumental in delivering superior customer experience, improved operational performance, and rationalized technology landscapes. With our unmatched industry expertise, comprehensive transformation offerings and cognitive solutions, leading insurers have been able to drive their long-term strategy and make their operating models adaptable, agile and future-ready,” added K Krithivasan.
[1] Transforming L&A BPS with End-to-End Digitalization, Sven Lohse, NelsonHall, March 2020
About NelsonHall
NelsonHall is the leading global analyst firm dedicated to helping organizations understand the 'art of the possible' in digital operations transformation. With analysts in the U.S., U.K., and Continental Europe, NelsonHall provides buy-side organizations with detailed, critical information on markets and vendors (including NEAT assessments) that helps them make fast and highly informed sourcing decisions. And for vendors, NelsonHall provides deep knowledge of market dynamics and user requirements to help them hone their go-to-market strategies. NelsonHall ’s research is based on rigorous, all-original research, and is widely respected for the quality, depth, and insight of its analysis.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 443,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.www.tcs.com.
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