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Tata Consultancy Services’ Strong Capabilities and Presence in P&C BPS Services, Investment in Creating P&C-Specific Tools and Offerings, and Product Development Through Collaborations, Cited as Key Strengths
LONDON | MUMBAI, May 30, 2022: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been positioned as a Leader in the NelsonHall NEAT for Property and Casualty Operation Transformation[1]. In an assessment of 7 leading P&C insurance service providers, TCS was placed highly for its capabilities and strong presence in BPS services across the policy life cycle.
The report highlights TCS’ investment in development and implementation of various offerings like TCS Autoscape™, TCS Connected Universe Platform, TCS DigiFleet, TCS EVONe, TCS EzInsure and Conversational AI. Cited as a strength is the firm’s focus on developing micro-insurance solutions and joint product developments through collaborations. Another key strength is TCS’ actuarial team, comprising credentialed actuaries, actuarial consultants, actuarial analysts, and tool experts, and its end-user and agent focus groups.
“Progressive insurance carriers are increasingly adopting digital technologies to make their P&C insurance operations nimble and resilient. TCS has been helping insurance customers transform operations to unlock value and capitalize on the market opportunities,” said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. “This recognition as a Leader by an independent third-party research firm is a reflection of our capabilities, innovation focus and unparalleled experience in the P&C industry.”
TCS has been the preferred partner to leading property and casualty (P&C) insurers across global markets, in their business and operations transformation initiatives. Over the last few years TCS has seen significant growth in this area with the addition of new logos and more transformation-led engagements.
TCS has matured its core offerings in P&C and moved up the value chain supporting more critical functions, niche products and language capability across multiple geographies. TCS works across commercial lines, personal lines, specialty products and broker services, and supports functional areas across the value chain - agency management, new business and underwriting, policy servicing, and claims processing. Currently, TCS manages over 53 million transactions a year across over 25 products in personal, commercial and specialty lines of businesses.
TCS’ recent investments in domain and value-chain specific cognitive solutions augment its operations and digital transformation framework. Its insurance solutions provide insights, increase speed to market and create opportunities for straight through processing of new businesses and claims.
John Willmott, CEO, NelsonHall, said “TCS has assembled an impressive portfolio of next gen digital interventions for the P&C sector. These proprietary cognitive solutions position TCS strongly as a leader in operations transformation for the sector.”
“Our expertise in the P&C domain, investment in innovation and intellectual property, and unique consulting approach make us the partner of choice to our P&C customers,” added K Krithivasan.
[1] Property and Casualty Operation Transformation NEAT, Ashley Singleton, NelsonHall, March 24, 2022
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, primary research, and is widely respected for the quality, depth and insight of its analysis.
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 592,000 of the world’s best-trained consultants in 46 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