Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader and Star Performer in the Everest Group PEAK Matrix® for Property and Casualty (P&C) Insurance BPO Services1 for the second year in a row.
In an assessment of 21 P&C insurance BPO service providers, TCS was among the top three vendors called out for solidifying their market presence with double digit growth. Additionally, it was named a Star Performer for having top quartile year-on-year improvement in its scores.
According to the report, TCS' growth story in this space is driven by its efforts to expand the scope of services across geographies, the insurance value-chain, and product lines. It highlights TCS' concerted efforts to establish itself as a transformation partner for customers targeting business model redesign, and inclusion of its consultative frameworks such as the Machine First™ Delivery Model (MFDM™) and Business 4.0™ in go-to-market that underscore these efforts. Its flexibility and inquisitiveness in existing client relations, which makes client onboarding nimble and seamless for any new and existing ramp-ups, are highlighted as strengths.
"Insurance companies are adopting agile methodologies and embracing automation and AI technologies through the MFDM framework to accelerate their Business 4.0 transformation journeys and build resilience in the organization," said K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS. "This recognition as a Leader and Star Performer by an independent third-party research firm is a testament to our digital capabilities, investments in insurance-specific innovation, and expertise in the P&C domain."
Leveraging its domain knowledge, intellectual property and extensive track record of innovation in the insurance domain, TCS has been partnering with leading carriers, brokers, agencies and reinsurers in their growth and transformation initiatives. Additionally, the company has been helping insurers transform their operations for greater resilience, agility and scalability. Currently, TCS administers 20+ products, 400+ processes on 8.5 mn+ policies, and 23 mn+ transactions a year, for marquee customers across personal, commercial and specialty insurance. Its design thinking-led solutions redefine the customer journey and improve the claims experience.
TCS continues to invest significantly to be market ready to take on digital-led business services with the reskilling of employees on digital technologies and MFDM. Additionally, through its Co-innovation Network, the company partners with start-ups, digital technology providers, consultants, academics and customers to accelerate innovation and build unique solutions that are a source of competitive differentiation.
"TCS has strengthened its coverage in P&C Insurance BPO services over the past several years by expanding service offerings across the insurance value chain and broadening its delivery presence," according to Skand Bhargava, Practice Director, Everest Group. "Further, its digital capabilities and operational excellence frameworks, along with consultative offerings, helped it drive solid growth in 2019 to position it as a transformation partner for its clients."
"With our depth contextual knowledge and understanding of the insurance domain, facilitated by an unrelenting focus on customer centricity coupled with our investments in intelligent digital technologies, we are enabling insurers to adapt to shifting market conditions and lead in the new normal," added Krithivasan.
Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.1943.35 as compared to the previous close of Rs. 2018.95. The total number of shares traded during the day was 111751 in over 9573 trades.
The stock hit an intraday high of Rs. 2022 and intraday low of 1925. The net turnover during the day was Rs. 219209536.
1 Property & Casualty (P&C) Insurance BPO - Service Provider Landscape with Services PEAK Matrix® Assessment 2020, Everest Group, March 2020