TCS and B3i Announce Partnership to Launch Innovative Blockchain Solutions for the Insurance Industry
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has partnered with B3i Services AG, a global industry-led blockchain initiative, to design, develop and launch ecosystem innovations based on distributed ledger technology (DLT) for the insurance industry.
This partnership leverages TCS’ innovation capabilities and B3i’s industry-leading production DLT platform, to accelerate the digitization of insurance for faster and more efficient delivery of tailored solutions to support risk managers, insurers, brokers, reinsurers, and industry service providers. Partners and customers will be able to leverage the B3i Fluidity® platform by reusing common components and services, as well as ensuring interoperability with other applications in the B3i ecosystem.
Additionally, TCS’ experience in curating ecosystems across industries, including manufacturing, distribution, logistics, retail, and insurance will enable B3i participants to close the ‘protection gap’ by identifying opportunities for new or existing insurance products to facilitate ecosystems and value chains.
“TCS works with leading financial institutions across the world to drive business model innovation with digital technologies such as DLT,” said Lakshminarasimhan Srinivasan, Global Head, TCS Interactive. “TCS and B3i share a deep understanding of this cutting-edge technology as well as the insurance industry’s needs. Together we can leverage our complementary capabilities, deep industry experience, a modern technology platform, design prowess and core DLT technologies to shape the future of the insurance industry.”
“By working together with trusted partners, the insurance industry can solve longstanding problems that individual insurers and brokers can’t solve alone. TCS’s capabilities and global scale complement B3i’s specifically in the insurance industry, where participants in B3i are establishing protocols, curating minimum standards, safeguarding interoperability, and setting a solid foundation to digitally transform the insurance industry,” said John Carolin, CEO, B3i.