New York, NY, USA and Mumbai, India, Jan. 2, 2020 -- Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a global IT services, consulting and business solutions organization, has been recognized as a Leader in the Everest Group PEAK Matrix(R) for Life and Pensions (L&P) Insurance BPO Services1, for the fourth consecutive year.
In an assessment of 16 global service providers offering L&P insurance BPO services, TCS was placed highest for both Vision and Capability, as well as Market Impact. Additionally, it was named a Star Performer for having top quartile year-on-year improvement in its scores.
The report says that TCS' large deals have boosted its competitive positioning and made it the largest player in the L&P insurance business operations and third-party administration market. It also recognizes TCS' success in leveraging the TCS BaNCS™ platform to lay a strong foundation for expansion in North America to capitalize on the increased demand for BPaaS from L&P insurers and effectively compete for end-to-end platform modernization deals. TCS' integrated IT-Ops capability that enable it to deliver more domain-centric digitally advanced solutions to customers, was highlighted as a strength.
"In the Business 4.0TM era, forward-looking insurance companies are embracing technology-led operating models that will allow them to focus entirely on driving product innovation and exceptional customer experience to enable competitive differentiation," said Suresh Muthuswami, Global Head, BFSI Platforms. "This recognition from an independent third party research firm is a testament to our vision, digital capabilities across the end-to-end life and annuities value chain, and the resultant market success."
"Insurers are expanding their partnerships with service provides beyond securing traditional cost and efficiency to enable digitalized workflows, gain speed-to-market for quick entry into competitive product lines, and create better customer experiences," said Skand Bhargava, Practice Director, Everest Group. "With its big-bang wins and multiple renewals in 2018, TCS enjoys the largest market share among L&P insurance service providers. TCS' continued investment in domain expertise, capability enhancements, both for digital solutions and cognitive data extraction, significant onshore footprint make it a Leader in this space."
"TCS has partnered with its global insurance customers in their transformation journeys and played an integral role in their growth. With our unmatched industry expertise, comprehensive transformation services and the TCS BFSI Digital Platform, leading insurers have been able to make their operating models future-ready and achieve better speed-to-market and enhanced customer engagement," added Suresh Muthuswami.
Posted by Veronica Silva Cusi, news correspondent
About Tata Consultancy:
Tata Communications provides hosted contact center solutions on Cisco HCS. We have our HCS Nodes in US, UK,Germany, India and Singapore thus catering to global customers. We also provide MPLS and Call Collection services thus becoming a single vendor in this domain to provide end to end solutions.
About Everest Group:
Everest Group is an advisor to business leaders on the next generation of global services with a worldwide reputation for helping Global 1000 firms dramatically improve their performance by optimizing their back- and middle-office business services. With a fact-based approach driving outcomes, Everest Group counsels organizations with complex challenges related to the use and delivery of global services in their pursuits to balance short-term needs with long-term goals.
Published: Friday, January 3, 2020
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