TCS Named a Leader in Application and Digital Services in Life & Annuity Insurance by Everest Group

Tata Consultancy Services’ Contextual Knowledge, Innovation Pedigree through its TCS COIN™ Network, and Investments in Developing Solutions & Accelerators, Cited as Key Strengths

PRESS RELEASE

NEW YORK | MUMBAI, February 6, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been positioned as a Leader in Everest Group’s PEAK Matrix® for Application and Digital Services (ADS) in Life & Annuity (L&A) Insurance.

In an assessment of 21 leading insurance IT service providers, TCS was placed highest for its vision and capability. According to the report, TCS has a well-diversified revenue base across North America, Europe, and the UK and other geographies and a balanced presence across onshore, nearshore and offshore locations. The report goes on to say that TCS’ deep domain experience, customer context awareness, and innovation pedigree utilizing TCS COIN™ (Co-Innovation Network) have enhanced its position as a trusted advisor and end-to-end transformation partner.

The report further emphasizes TCS’ continued focus on investments in developing solutions and accelerators such as Insurance Agent 720 analytics solution to enhance agent experience and ESG integration solution built on AWS to measure ESG for investment analysis. It also points out how the strategic acquisition of BridgePoint group has enabled TCS to improve its domain knowledge across the retirement and pensions value chain, thereby strengthening its value proposition for L&A insurers.

“Life and annuity insurers are re-engineering their businesses to meet evolving customer expectations and adapt to the shifting market landscape. TCS, as a trusted partner, is enabling them to leverage the power of advanced technologies such as RPA, IoT and AI/ML to transform customer experiences, enhance operational resilience and achieve superior business outcomes,” said K Krithivasan, President, Banking, Financial Services and Insurance, TCS. “This recognition as a Leader reflects TCS’ unparalleled digital capabilities, domain expertise and the competitive differentiation we offer to our L&A clients.”

An impending inflationary recession, more restrictive financial and regulatory environments and an emphasis on data privacy, security and ESG are driving life insurance and annuities providers to invest in flexible open technology landscapes, partnering with insurtechs, adopt ecosystem collaboration models and focus on delivering hyper-personalized customer journeys.

TCS offers a full range of application, digital and advisory services in life and annuity insurance. Using its deep contextual and domain knowledge, vast portfolio of proprietary solutions and accelerators and strategic investments, acquisitions and partnerships with platform providers, TCS helps life and annuities insurers, optimize, grow and transform. It partners with customers in strategic initiatives such as rapid digitalization and cloud adoption to future proof business models, identification of newer market segments, implementation of innovative products and touchless and digital engagements to enhance customer experience.

“TCS has done well in leveraging its deep domain expertise, global delivery presence, and solid track record of executing large-scale engagements with Life and Annuity (L&A) carriers to elevate its mindshare in the industry,” said Aaditya Jain, Vice President, Everest Group. “Continued investments to bolster domain consulting capabilities, stakeholder-based value-proposition with multiple industry-specific solutions, and appreciation by clients on context-aware offerings have helped TCS earn a Leader recognition on Everest Group’s Application and Digital Services (ADS) in L&A Insurance PEAK Matrix® Assessment 2022.”

“TCS uses its vast experience in the insurance domain, significant investment in innovation and research, and extensive suite of proprietary solutions and digital tools to help clients accelerate their business transformation towards becoming purpose-centric businesses of the future,” added K Krithivasan.

About Tata Consultancy Services

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 55 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions 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 614,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, and is listed on the BSE and the NSE 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

TCS media contacts

Corporate Communications & India

corporate.communications@tcs.com

saxena.kritika@tcs.com

+91 22 6778 9999

shreya.bhandary@tcs.com

+91 22 67789098 

Asia Pacific

y.tham@tcs.com

+65 9720 9005

Canada

tiffany.fisher@tcs.com

+1 416 456 7650

Latin America

alma.leal@tcs.com

+521 55 2095 6098

Australia and New Zealand

francesca.newby@tcs.com

+61 414 902 440

Europe

roland.bagen@tcs.com

+46 70 3178024

Japan

douglas.foote@tcs.com

+81 80 2115 0989

Middle East & Africa

pragya.priyadarshini@tcs.com

+971 528656700

UK

priyanka.mehta@tcs.com

+44 7921493382

USA

andrew.corcione@tcs.com

+1 646 617 8221

Contact

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Global knowledge. Local support