TCS Recognized as a Leader in Property & Casualty Insurance Application and Digital Services by Everest Group
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been positioned as a Leader in the Everest Group PEAK Matrix® for Property and Casualty (P&C) Insurance Application and Digital Services[1].
In an assessment of 22 global service providers offering P&C insurance application and digital services, TCS was placed highest for vision and capability. The report highlights that TCS has invested in creating a comprehensive partner ecosystem that has helped it steer a joint go-to-market strategy for insurance customers. Cited as key strengths are the company’s strong market messaging and vision around ‘connected insurance’, and multiple point solutions leveraging IoT in the areas of driving behavior monitoring, connected home, and sensor-based risk intelligence.
The report notes that TCS has demonstrated strong success proof points in assisting P&C insurers around channel innovation and enhancing customer experience. According to the report, customers appreciate its large pool of skilled resources across multiple technologies, deep domain expertise, and ability to serve them as a strategic partner.
“Forward thinking insurers are building partner ecosystems and leveraging them to design new business models and drive their growth and transformation agendas in the Business 4.0™ era,” said K Krithivasan, Global Head, Banking, Financial Services and Insurance group, TCS. “This recognition by an independent third-party research firm is a recognition of our vision, strategy, vast portfolio of solutions, and the resultant market impact.”
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.
For insurers around the world, TCS offers a comprehensive portfolio of digital transformation services – consulting and industry advisory, agile application development, engagement layer transformations, digital core platform implementations, business model reimagination, and data, analytics, automation and cognitive intelligence solutions.
Specific to P&C insurers, TCS offers business domain and technology advisory, intelligent process automation solutions, and consulting and solution implementation services for IFRS17 compliance. It leverages IoT, big data, blockchain, machine learning and AI to provide innovative solutions that reimagine products, processes and services. These include AI Studio for insurance, peer-to-peer insurance, commercial co-insurance smart contracts, usage-based-insurance and connected insurance solutions. Other key offerings are customer journey and business process reimagination, digital enablement through cloud migration, APIfication and microservices development that enable insurers to leverage ecosystems.
“Property and Casualty (P&C) insurers are facing a perfect storm: evolving customer demand, the rise of non-traditional competitors, exposure to emerging risks, disruptive technologies, and cybersecurity challenges. They are countering these threats and securing competitive advantage by investing in channels, new commercial models, and innovative coverage options, as well as by breaking siloed data and systems,” said Aaditya Jain, Practice Director, Everest Group. “Strong market messaging and vision around connected insurance, success proof points on assisting P&C insurers around channel innovation and enhancing customer experience, and the ability to serve as a strategic partner have helped TCS strengthen its market positioning as a Leader on the P&C Insurance Application and Digital Services PEAK Matrix® Assessment 2020.”
“With our ability to anticipate emerging demand themes, deep domain and digital expertise, agile capabilities, and skilled talent, we are well-placed to help customers transition to future-proof business models and build innovative offerings that deliver customer delight,” added K Krithivasan.
[1] Property and Casualty (P&C) Insurance Application and Digital Services PEAK Matrix Assessment 2020 – Coverage, Channels, and Commercial Model Innovation, Ronak Doshi & Aaditya Jain, Everest Group, December 2019