Cited as Strengths are Tata Consultancy Services’ Strong Vision for the Future of P&C Insurance, IoT Solutions, and Strong Client Feedback on its Domain Expertise
NEW YORK, April 02, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, has been recognized as a Leader in the Everest Group PEAK MatrixTM for Property and Casualty (P&C) Insurance Digital Services.
The report highlights TCS’ strong vision for the future of P&C insurance, and mentions its offerings that help insurers evolve from being a ‘payer’ to a ‘claims preventer’ with next-generation technologies. The report goes on to say that TCS is helping insurers embrace this change with multiple point solutions that leverage loT in behavior monitoring, connected homes, and sensor based risk intelligence. The report also cites strong client feedback about TCS’ vast domain expertise and ability to serve as a strategic partner.
“Insurers are leveraging technologies like IoT and analytics to receive real time sensor-driven risk intelligence to offer differentiated products and reimagine customer experience in the Business 4.0™ era,” said K Krithivasan, Global Head, Banking, Financial Services and Insurance group, TCS. “This leadership assessment by an independent third-party research firm is a recognition of our strong market presence, investments in innovation, and vision in this space.”
TCS employs its Business 4.0 framework to enable mass personalization and ecosystem play while embracing risk and creating exponential value, aided by its Machine-First™ Delivery Model (MFDMTM) to facilitate enterprise-wide automation, and TCS PACE™ for research, innovation, and digital transformation services.
Building upon decades of experience, TCS offers a complete set of services for insurers around the world, covering all stakeholders and across all lines of business in insurance – spanning personal, commercial and specialty lines – with digital services being central to most customer engagements. TCS offers a well-defined set of digital services ranging from consulting, application development, engagement layer transformations, digital core platforms as well as business model and process re-imagination leveraging data, analytics, automation and cognitive advancements.
Specific to P&C insurers, TCS offers its Connected Universe Solutions – Connected Auto and Connected Home that integrate IoT and telematics. Other key offerings include, customer journey and business process re-imagination, digital enablement through cloud migration, APIfication, and microservices development.
Recent digital transformation programs in the P&C space include the launch of usage-based insurance leveraging TCS’ Connected Auto Solution by a Canadian insurer, a location-independent agile core platform transformation delivery for a US insurer, a reimagined and digitized advisor sales process for an Asia-Pacific insurer, and the transformation from a product-centric to customer-centric experience for a North American insurer.
“P&C insurers realize the importance of a digital-first strategy for sustained differentiation in the market. Most P&C insurers start this journey by digitizing their core and in the process build a strong IT backbone to enable their digital initiatives. On top of a modern core, P&C insurers are integrating next-generation technologies, such as big data, blockchain, IoT, and machine learning, to build differentiated products and enhance customer experience,” said Ronak Doshi, Practice Director, Everest Group. “A comprehensive solutions/services portfolio, scaled talent pool across multiple digital technologies, strong articulation of the future of P&C insurance, and investments in its Business 4.0 strategy framework to partner with insurers on their transformation journeys have helped TCS strengthen its value proposition and positioned it as a Leader on the 2019 Everest Group P&C Insurance Digital Services PEAK MatrixTM.”
“Our strong services portfolio, digital technology expertise, and transformational mindset coupled with contextual knowledge of the customer’s business help us provide strategic direction to property and casualty insurers in their digital journey,” added Krithivasan.
Read TCS’ detailed profile in Everest Group’s report.
To learn more about Everest Group’s Peak Matrix™: https://www.everestgrp.com/research/peak-matrix/
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