TCS’ Strong Market Success in Large Scale Business Transformation Engagements and its Comprehensive Services and Solutions Portfolio Cited as Key Strengths
NEW YORK | MUMBAI, March 4, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, has been recognized as a Leader in the Everest Group PEAK MatrixTM for Life and Pensions (L&P) Insurance Digital Services.
In an assessment of 19 global service providers offering digital services to the L&P insurance segment, TCS was positioned highest for market impact and vision and capability. The report highlights TCS' ability to help customers achieve business outcomes through a combination of platform modernization and digital enablement, which in turn has helped it sign multiple large scale transformation deals. Another strength cited in the report is TCS’ strong capabilities around channel modernization, customer experience, visual analytics, and automation.
“Global insurers are engaging in core system modernization and digital transformation in the life and pensions space to drive innovation, become more agile, improve customer experience, and forge ahead in their Business 4.0TM journeys,” said K Krithivasan, President and Global Head, Banking, Financial Services and Insurance group, TCS. “Our recognition as a Leader in this independent third party assessment is a validation of our vision, capabilities, and market leadership in this space.”
Building upon decades of experience, TCS offers a complete set of services, covering all stakeholders and across all lines of business in insurance, with digital services being central to most customer engagements. The company employs its Business 4.0TM framework to enable mass personalization and ecosystem play while embracing risk, aided by its Machine-First™ Delivery Model (MFDMTM) to facilitate enterprise-wide automation and decision making, and TCS PACE™ for research, innovation, and digital transformation services. For insurers around the world, TCS offers a well-defined set of digital services ranging from consulting, digital enablement through cloud migration, APIfication, and microservices development, digital core platforms, as well as business model, customer experience, and process re-imagination leveraging data, analytics, automation, and cognitive advancements.
TCS offers Connected Wellness and Connected Health solutions that integrate IoT and wearables into policy servicing, claims initiation, and customized pricing. These solutions help L&P insurers engage consumers from the point of sale to the point of claim and positively influence their lifestyles. Recent digital transformation programs in the L&P space include a savings product sales model re-imagination for a Belgian insurer, insurtech solution curation and partner identification for a global insurer, and complete digital delivery of compliance and scheme administrator reporting for a UK pensions provider, apart from the industry-defining digital transformations in progress for major US and UK insurers.
“The L&P insurance sector in the last 12-18 months can be characterized by a massive shift from applying digital levers at the peripheries to reimagining business and operating models by deploying digital technologies such as analytics, API-based integration, cloud, machine learning, and RPA. Although cost containment and efficiency gains are still on the top of their strategic agendas, significant investments are now pouring in to create a frictionless experience for end-customers,” said Ronak Doshi, Practice Director, Everest Group. “Significant market success demonstrated by signing multiple large-scale business transformation engagements, deep domain expertise and investments in its Business 4.0 strategy framework to help insurers approach digital transformation in a holistic manner, and strong client feedback on diligent project execution have helped TCS secure a position as a Leader on the inaugural Everest Group L&P Insurance Digital Services PEAK MatrixTM.”
“With our customer-centric approach, deep domain and contextual knowledge, digital technology expertise, capabilities in analytics and automation, and our industry-leading BaNCS platform that currently supports over 18 million policies, TCS is best positioned to envision, steer, and deliver digital transformation for forward-thinking L&P insurers,” added K Krithivasan.
Read TCS’ detailed profile in Everest Group's L&P Insurance Digital Services Peak Matrix Report.
To learn more about Everest Group’s Peak Matrix™: https://www.everestgrp.com/research/peak-matrix/
 Life & Pensions (L&P) Insurance Digital Services PEAK Matrix™ 2019 – Leapfrogging the Digital Transformation Stage, Everest Group, Ronak Doshi, December 2018
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 the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. 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 417,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 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.
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