MUMBAI : Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been named a Leader in the Everest Group PEAK Matrix® for Life & Pensions (L&P) Insurance BPS/TPA Services.
In an assessment of 20 L&P insurance BPS/TPA service providers, TCS was placed highest in the market impact category. According to the report, TCS continues to expand its client base across key markets such as the US, Ireland, Europe and Asia Pacific, administering the largest scale of policies among all BPS/ TPA providers.
The report states that TCS has expanded its transformation value proposition by enhancing the TCS BaNCS™ platform as well as developing an array of cognitive solutions to enable digitalization for clients across areas such as intake digitization, claims adjudication, and illustration generation. It further highlights the end-to-end services provided by TCS, covering the entire value chain from actuarial to claims.
The report said that clients have praised TCS for its domain expertise and ability to upskill resources for complex support. It goes on to say that through its recent Adaptive Knowledge Bank solution, TCS is also firming up its support for front-office agents.
“Progressive life and pensions insurers are partnering with TCS to accelerate digitization and innovation to transform their operations for greater resilience, enhance customer experience and deliver superior business outcomes,” said K Krithivasan, Business Group Head, Banking, Financial Services, and Insurance, TCS. “This leadership positioning is a reflection of our strong vision and capabilities, investments in innovation, comprehensive portfolio of services and solutions, 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&P providers across their entire value chain, addressing emerging business needs. TCS’ end-to-end offering suite spans:
Life – Fixed and variable life, group term life, wealth and income protection, whole life, endowment, conventional, and universal life.
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. Its deep domain knowledge, investments in research and innovation and in intellectual property, localized delivery capabilities, robust risk management, and security and compliance frameworks, 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, powered by TCS BaNCS.
TCS is further enhancing its services with integrated operations and cognitive intelligence offerings to help customers accelerate their business transformation and drive competitive differentiation.
TCS’ Business 4.0™ thought leadership framework is helping L&P insurers accelerate technology adoption and innovate faster to become resilient, adaptable, and sustainable with new business models and newer ways of working in the post pandemic world.
“With extensive delivery experience in both TPA and BPS engagement models, while administering one of the largest scales of L&P insurance policies, TCS continues to be well entrenched in the market and has once again emerged as a Leader in the Everest Group Life and Pensions (L&P) Insurance BPS/TPA PEAK Matrix® Assessment 2022,” said Somya Bhadola, Practice Director, Everest Group. “Additionally, TCS has been able to balance business growth with capability developments and alignment, including across the TCS BaNCS platform, cognitive offerings, and its scope of services. Through such continuous investments, it has developed customized transformation value propositions for both platform and non-platform clients, which allows it to exhibit strong, expansive influence in the market.”
“With our deep domain expertise, contextual knowledge, extensive portfolio of cognitive solutions and industry-leading platforms, TCS is best positioned to help L&P insurers transform and grow,” added K Krithivasan.