November 15, 2011: A study conducted by Everest has placed TCS in the leadership position in the insurance domain knowledge and in the insurance applications outsourcing (IO) market. TCS is one of the largest IT service provider, business solution provider and a leading consulting firm. The report of the study was published in November, 2011 by Everest, an advisory and research firm in global services.
During the study, Everest group considered leading Information Technology service providers who were engaged with application outsourcing which were worth more than $25 million for more than three years. Application Outsourcing in Insurance: PEAK into the Evolving Service Provider Landscape, the study conducted by Everest, evaluates the capabilities of top18 service vendors, in terms of IT applications in the insurance sector. The 18 top vendors which were evaluated in the study contributed to about $5.3 billion in revenue and employed about 65,000 full time employees across 20 countries.
PEAK is the abbreviation for Performance Experience Ability Knowledge, is a matrix which is used to categorize organizations into Leaders, Major Contenders, and Emerging Players. The evaluation based on the PEAK matrix has identified TCS as a leader. Other factors such as success in the market, scale scope, investment in the sector and delivery footprint were also considered in the evaluation process. Based on the delivery capability, Tata Consultancy Service got the highest rating among the service providers. Based on the transaction activity TCS was placed second among the service providers.
According to Suresh Muthuswami, President of Insurance and Heath care, at TCS, the report of the study conducted by Everest confirms their leadership position in the global market and as an innovator in offering services in the field of expertise in the insurance industry. He added that their superior service helps the clients to improve their business operations and become more customers centric.
Amneet Singh, VP, Global Sourcing at Everest group says that the large scale of operation and the huge investments made by TCS has helped them to bag many significant deals in the Insurance Application AO space. TCS has expanded its operation across multiple sub verticals of the insurance industry, making it a market leader in the domain.
The report says that the leaders offered specialized exclusive solutions to the clients which are used in the Application Outsourcing delivery. It also reveals that the leaders had a larger global delivery foot print when compared to other categories.