According to a report from Everest Group titled, ‘A PEAK into the Leaders, Major Contenders and Emerging Players of Insurance BPO’, TATA Consultancy Services (TCS) has been tagged as the Leader among the companies in insurance BPO industry. TCS earned the accolade due to the company’s attributes like market success, scale as well as the strong technology capability. TCS has proved its mettle in the technology arena with TCS BaNCS Suite of solutions specifically for insurance.
The report from Everest Group contains the analysis of ten major service providers in insurance BPO based on the PEAK Matrix (Performance, Experience, Ability, Knowledge Matrix). The PEAK Matrix is a framework that has been instituted for the analysis and assessment of overall capability and market success of service providers. Depending on the delivery capability and market success of the service providers, they have been classed into three categories namely, Leaders, Emerging Players and Major Contenders.
Vice president of Everest group, Rajesh Ranjan said that domain expertise, delivery model based on balanced shoring and capability of companies to deliver judgment oriented processes proved to be the prominent successful themes in the insurance BPM arena. This trend is increasingly visible transcending cost, platform leverage and effective technology. He added that TCS had achieved capability in several of these attributes which helped the company earn the title.
According to Abid Ali Z Neemuchwala, the global head of BPO Services at TCS, the company has expertise and experience in delivering complex insurance risk and actuarial work and business processes. With the help of BaNCS Suite of TCS, the company has been able to get some of the most complex deals in the insurance industry and has delivered well on these huge transformation deals. He added that the company sees the recognition of Everest Group as an accolade to the successful approach it has taken in insurance BPO.
With the help of TCS BPO services, customers across a broad range of insurance geographies and segments have gained improved efficiency and effectiveness in their business processes.
TCS has more than thirty years of experience working with more than 90 global and regional insurers helping them reduce costs, improve operational efficiencies and ensure customer and partner satisfaction. TCS services have been encompassing several insurance segments such as Healthcare, Property, Casualty, Life and also Annuities, Pensions and Retirement. TCS has been a proactive and strategic growth enabler and partner for the company’s insurance customers.
TCS has been achieving this through the company’s BaNCS suite of solutions, GNDM (Global Network Delivery Model) and FORE transformation methodology.