Tata Consultancy Services (TCS) has been positioned as a Leader in the Everest Group PEAK Matrix® for Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance.
In an assessment of 21 insurance IT service providers, TCS was placed highest for its vision and capability. According to the report, TCS has made significant investments into building a robust suite of solutions and accelerators across insurance value chain focusing on faster time-to-market and seamless customer experience. This, the report says, has enabled the firm to cement its position as a transformation partner of choice for its P&C clients.
It also highlights TCS’ proven success in assisting P&C insurers with their end-to-end transformation needs across emerging demand themes like IoT, cloud adoption, AI/ML based underwriting, touchless claims management, and development of risk mitigation algorithms across engagements. Cited as key differentiators are TCS’ scale, technical and domain expertise and client management capabilities.
“As markets change dramatically, P&C insurers are partnering with TCS to leverage technologies such as cloud, AI/ML and IoT to build nimble, modern and future-ready businesses that deliver superior experience and drive transformation at speed and scale,” said K Krithivasan, President, Banking, Financial Services and Insurance, TCS. “This recognition as a Leader bears testimony to TCS’ strategic vision, unmatched capabilities and market success.”
P&C insurers around the world are witnessing a market shift towards products and services that go beyond protection by enhancing safety and prevention of insured events. Insurers are using data analytics and insights to enhance digital customer journeys and deliver products and services in digital ecosystems.
TCS services and product offerings leverage its deep domain expertise in global P&C insurance and its wide partner ecosystem including technology platform providers and insurtechs to help insurers enhance their resilience and drive growth and transformation. Primary offerings include system integration and policy core transformation, technology estate transformation to cloud coupled with data and analytics services that enhance returns on cloud investments by delivering actionable insights to insurers and advisers, and digital interactive services that deliver seamless customer journeys integrated into ecosystems as well as through independent and tied advisor channels.
TCS also helps clients accelerate their innovation initiativesleveraging its intellectual property and ecosystem of partners from academia, start-ups and technology providers. It works closely with customers at TCS Pace Ports, its network of co-innovation hubs spread across New York, Pittsburgh, Toronto, Amsterdam and Tokyo, to ideate on their most pressing business problems, rapidly prototype the most promising solution candidates and build them in agile sprints. These solutions result in more resilient operations, new products and services, and new revenue streams from innovative business models.
“TCS has done well in elevating mindshare as a transformation partner, with strong success proof-points of assisting Property & Casualty (P&C) carriers across emerging demand themes such as cloud, AI-based underwriting, and touchless claims,” said Aaditya Jain, Vice President, Everest Group. “Continued investments to augment an industry-focused solutions portfolio to address insurers’ digitalization priorities; as well as strong recognition by clients on superior client management capabilities and scaled, skilled talent pool, have helped TCS earn a Leader recognition on Everest Group’s Application and Digital Services in P&C Insurance PEAK Matrix® Assessment 2022.”
“TCS combines its deep domain expertise with technology know-how to help insurers build digital-ready processes and innovate at scale. With a host of proprietary solutions and platforms across the P&C insurance value-chain, we ensure greater outcomes for our clients,” added K Krithivasan.
