Aviva Wins Model Insurer Award for Automating and Simplifying its Pensions Operations with TCS

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, announced that its customer Aviva Plc has won the 2020 Celent Model Insurer Award for Legacy and Ecosystem Transformation.

As Aviva's strategic partner, TCS leveraged its Machine First™ Delivery Model to automate and transform the insurer's pensions operations. The program's agile-led methodology entailed seamless collaboration between the business sponsors and the automation team. TCS created a single adaptive and user-friendly digital platform powered by third-party Robotic Process Automation (RPA) and Business Process Management (BPM) tools, making the insurer's operations future-proof, resilient, and sustainable.

This eliminated manual touchpoints and improved data exchange among different core and supporting systems. Aviva saw improved response time for customer journeys and significant reduction in customer service calls across all pension-related products. Through the new platform, Aviva will now be able to process all of their pension transactions faster and with significant improvements in response time for customer journeys, ranging from 60 percent to 99 percent.

"At Aviva, our goal is to be best in class and it starts with a relentless focus on our customers. TCS' Machine First approach helped us simplify our business, offer faster and superior customer experiences, and enhance operational resilience. This award is testament to our continued investment in digital technology towards building a better tomorrow for our customers," said Ajit Dhaliwal, Global IT Platforms Director, Aviva.

"We congratulate Aviva on this recognition from Celent for unlocking opportunities with an innovative approach to transforming their legacy core," said Vinay Singhvi, Business Unit Head, BFSI - UK and Ireland, TCS. "With TCS' Machine First approach, Aviva has been able to integrate fragmented processes, increase efficiency, and empower business users with data-driven insights."

"Globally, insurers face the challenge of running a complex system landscape and architecture stemmed from multiple mergers and acquisitions over the years. The use of a unique approach to legacy system modernization through a BPM and RPA platform helped Aviva meet their customers' rising demands and drastically improve the customer journey," said Nicolas Michellod, Head of Insurance, APAC and EMEA, Celent. "The unique solution implemented by TCS, helped Aviva to provide an employee-friendly insurance platform, meet the stringent enterprise security and compliance requirements and provide resiliency in changing market conditions."

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2242.45 as compared to the previous close of Rs. 2255.5. The total number of shares traded during the day was 98443 in over 7354 trades.

The stock hit an intraday high of Rs. 2281.25 and intraday low of 2233.15. The net turnover during the day was Rs. 222381181.

Source : Equity Bulls

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