Tata Consultancy Services Also Ranked #2 in the InsurTech Category for its End-to-End Core Insurance Solutions and Services, a Strategic Choice for Transformation Initiatives for Leading Insurers Worldwide
LONDON | MUMBAI, August 18, 2022: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that TCS BaNCS™ has been ranked number one in the Investment and Fund Management category for the third consecutive year, and number 2 in the InsurTech category in the IBS Intelligence Sales League Table (SLT) for 2022.
The IBS SLT is the result of an annual benchmarking exercise that ranks global banking technology suppliers across 22 system categories based on the number of new customer contracts signed in a given calendar year. It has been running for over 21 years and is recognized as a barometer for financial technology supplier sales performances across the banking industry.
R Vivekanand, Global Head, BFSI Products & Platforms, TCS, said, “TCS’ ranking in the Investment and Fund Management and InsurTech categories in the IBS Intelligence SLT 2022 reflects our strength in this space with our flagship product, TCS BaNCS and our platform offering. Over 60 leading insurers worldwide are leveraging our solutions for its breadth and depth of functionality, our customer-centricity and high performance. Our SaaS-first digital platform helps customers consolidate multiple lines of businesses, streamline operations, launch new products quickly, and enhance end-customer experience.”
The TCS BaNCS Platform simplifies investment management/advisory, processing capabilities and the overall technology stack, ushering in higher rates of client interest and retention. It offers a full range of investment management and wealth management functions including direct market access, box management, fund administration, NAV computation, fund distributions and portfolio management, with 24/7, multi-asset, multi-currency, multi-market, multi-time zone and multi-entity support.
TCS has a proven track record of implementing large and complex business transformation programs for leading insurers across life insurance, annuities and retirements, property and casualty, reinsurance, and insurance brokerage businesses, helping them drive superior customer experiences and improving performance. Leveraging cutting-edge technologies, including conversational AI to guide and advise end customers, TCS helps insurers expand their business, collaborate, and connect in a purpose-driven manner.
TCS BaNCS for Insurance is an end-to-end core insurance solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance, and is designed to support every event in the lifecycle of a policy. The solution services over 30 million life, annuity and pension policies and 135 million property and casualty policies for customers in UK, Australia, New Zealand, South Africa, Middle East, Hong Kong and India.
TCS’ insurance platforms business has enabled 95% digital processes with STP and is one of the largest auto-enrolment providers in the UK, with more than 70% of market share of small and micro businesses. 7 of the top 10 life and pensions providers in the UK, servicing more than 30% of the population, are using TCS solutions built around the TCS BaNCS for Insurance core engine, provided as a managed service.
Robin Amlot, Managing Editor, IBS Intelligence, said, “IBS Intelligence believes that the Insurtech industry is projected to grow exponentially in the coming years. We introduced Insurtech as a new category in the Sales League Table 2021, and the results reflect those sales have doubled in this industry from the previous year. Tata Consultancy Services’ leadership in this category reinforces the value that insurers place in TCS as their innovation and transformation partner of choice. We also celebrate TCS’ success in the Investment & Fund Management category, which it continues to dominate. The company’s solution here has taken the top slot now for 3 years in a row, demonstrating it as the clearly preferred choice among financial institutions looking to update their systems in this area.”
TCS BFSI Products and Platforms provides end-to-end solutions in a subscription model for the Banking, Financial Services and Insurance industries, leveraging TCS BaNCS as its intelligent core system, with digital solutions from TCS and fintech partners around it in a vibrant ecosystem that delivers digital transformation. In the Insurance industry, with 60+ clients worldwide and 165 million policies/contracts under management, TCS BFSI Products and Platforms eliminates enterprise complexities to help insurers and financial firms of all sizes worldwide to deliver superior customer experience and outcomes, reduce operational risks, and master regulatory compliance – achieving true digital transformation.
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 Agile™ 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 606,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, 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 MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com