IT services behemoth Tata Consultancy services (TCS) on Wednesday said that the company has been named a Leader and Star Performer in the Everest Group PEAK Matrix for Property and Casualty (P&C) Insurance BPO Services for the second year in a row.
In a regulatory filing, the IT major said, “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.
The report 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.
“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,” K Krithivasan, Business Group Head, Banking, Financial Services and Insurance, TCS was quoted in the statement.
“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,” he added
TCS said that it 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, over 400 processes on over 8.5 million policies, and more than 23 million transactions a year, for marquee customers across personal, commercial and specialty insurance.
“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.