Tata Consultancy Services, 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.
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.
“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.
“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.
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