Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been recognized as a Leader and Star Performer in the Everest Group PEAK Matrix® for Life & Annuities (L&A) Insurance Application and Digital Services.
In an assessment of 20 global service providers offering L&A insurance application and digital services, TCS was placed highest for both vision and capability, as well as market impact. Additionally, TCS was named a Star Performer for top quartile year-on-year improvement in its scores across several parameters.
The report highlights that TCS’ deep domain expertise, customer contextual mastery, and innovation pedigree utilizing the TCS Co-innovation Network (COINTM) ecosystem, has enhanced its relevance as a trusted advisor and end-to-end transformation partner. It adds that commitment to business outcomes, through a combination of platform modernization and digital enablement, has helped TCS sign multiple large-scale engagements with L&A insurance customers. According to the report, the company’s meaningful investments to build domain-specific solutions, especially across customer experience in retirements, annuities, and pensions, compliance management, and DevOps enablement, is resonating with customers.
“Progressive insurance companies are leveraging ecosystems to co-create innovative products that enhance the value proposition of their offerings and deliver customer delight,” said K Krithivasan, Global Head, Banking, Financial Services and Insurance, TCS. “Our Leadership positioning is a testament to our vision, customer-centric offerings across the L&A value chain, and the resultant market success.”
TCS helps customers adopt Business 4.0™ behaviors – mass personalization, ecosystem play, embracing risk and creating exponential value – and leverage its Machine First™ Delivery Model (MFDM™) to drive automation, as well as TCS PACE™ to accelerate innovation.
As global L&A insurers move beyond protection to prevention, through enhanced products and services that help their customers lead healthier lifestyles combined with protection and financial wellness, TCS helps them leverage financial, lifestyle and health ecosystems to enable contextually-relevant customer engagements.
TCS also provides business domain and technology consulting and advisory, intelligent process automation solutions, agile application development, engagement layer transformations, digital core platforms, accelerators for GDPR compliance, consulting and solution implementation services for IFRS17 compliance, and actuarial support services. Innovative solutions leveraging IoT, big data, blockchain smart contracts, machine learning and AI that deliver product, process and service re-imagination include AI Studio for Insurance, and intelligent conversational assistants for claims and policy servicing. Other solutions offered are customer journey and reimagination of business models, functions and processes leveraging data, analytics, automation, digital enablement through cloud migration, and APIfication and microservices development that enable insurers to leverage ecosystems.
“Growth in investment income and annuities business compensates for the lackluster life insurance segment; however, margin pressure remains a persistent issue. The result is a triple mandate for Life and Annuities (L&A) insurers: achieving operational excellence through automation and systems modernization, agility in launching new products and experience, and cost reduction for managing the closed book of business,” said Aaditya Jain, Practice Director, Everest Group. “Meaningful investments to build domain-specific solutions, especially across customer experience in the retirements, annuities, and pensions space, a strong innovation pedigree, and a commitment to business outcomes through a combination of platform modernization and digital enablement have helped TCS strengthen its market positioning as a Leader on the L&A Insurance Application and Digital Services PEAK Matrix® Assessment 2020.”
“With deep domain expertise, contextual knowledge, digital capabilities, and customer-centric offerings, we are well-positioned to drive Business 4.0 transformations for our L&A customers,” added K Krithivasan.