Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, has been recognized as a Leader in the Everest Group PEAK Matrix for Life & Annuities (L&A) Insurance Application and Digital Services.
In an assessment of 21 global service providers offering application and digital services to L&A insurers, TCS was placed highest for its vision and capability.
“TCS is helping insurers adopt a purpose-driven, ecosystem-led approach to explore new business models, launch new products and services, enhance customer experiences and establish competitive differentiation in the post-pandemic world,” said K Krithivasan, Business Group Head, Banking, Financial Services, and Insurance, TCS. “This recognition by an independent third-party research firm is a validation of our vision, rich domain capabilities, investment in innovation and customer-focused offerings across the L&A value chain.”
In the recent times, TCS has worked with a Canadian group insurance major to reimagine customer journeys in member enrolment and claims adjudication. TCS partnered a Dutch insurer to enable better customer insights and client engagement through contactless experiences, helping it become a leading digital-first insurer. TCS leveraged its MFDM frameworks and expertise in UK pensions business to help a large UK insurer enable the seamless sale of its pensions and retirements division, in alignment with their strategic priorities, thereby enhancing their business resilience.
“Life & Annuity insurers have faced two significant challenges in 2020: lost investment income given the global financial situation and lost demand due to higher unemployment. As a result, insurers are focusing efforts on resilient growth and aggressive cost take-out. To balance these demands, L&A insurers are reinventing themselves as financial wellness partners that offer differentiated experiences for each customer hypersegment, powered by data and digital capabilities,” said Aaditya Jain, Practice Director, Everest Group. “TCS has earned a Leader designation on Everest Group’s Application and Digital Services in Life & Annuities (L&A) Insurance PEAK Matrix® Assessment 2021 based on well-diversified client portfolio across key geographies; focused investments in building solutions/frameworks for supporting L&A insurers’ actuarial advisory and business services needs; and, continued efforts to drive the innovation agenda via thought leadership and open discussion forums”
“With our deep contextual and domain knowledge, investments in innovation, and comprehensive portfolio of solutions, we are well-positioned to drive the growth and transformation journeys of our L&A customers,” added K Krithivasan.
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