TCS a Leader in Life, Annuities & Pensions BPS: NelsonHall

Mumbai: 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