NEW YORK and MUMBAI, India, Feb. 21, 2014 /PRNewswire/ -- Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading IT services, consulting and business solutions organization, announced today that it has been ranked as a 'Star Performer' and 'Leader' in Insurance Business Process Outsourcing (BPO) by Everest Group. The report "Insurance BPO – Service Provider Landscape with PEAK MatrixTM Assessment 2013, December 2013," recognized TCS' extensive experience with diverse Insurance organizations and its in-depth domain expertise.
TCS' position as a Leader was driven by its 30%+ market share (by revenue) in the insurance BPO landscape, strong alliances and technology capabilities, and significant delivery footprint. Moreover, the company was recognized as a Star Performer based on its year-on-year performance, recent market success and strong investments across cloud-based platforms and analytics.
"Leveraging its domain competency, transformational approach and technology expertise, TCS has continued to demonstrate strong success in the Insurance BPO market place. It is the largest player in terms of market share by revenue and while the UK market has been its sweet spot, we expect it to replicate some of its success in other markets as well," said Rajesh Ranjan, VP, Everest Group.
"Everest Group's recognition of TCS as a leader and star performer reinforces the value that TCS continues to deliver through the largest and most complex business transformation relationships in the Insurance industry," said Abid Ali Neemuchwala, Global Head, Business Process Services, TCS. "Customers across the industry have experienced substantial improvement in business efficiency and effectiveness, and assured regulatory compliance as they leverage TCS's domain expertise, technology experience and best-in-class platforms."
Commercial Insurers and reinsurers are looking at BPO to further increase operational effectiveness and efficiency and to expand relationships beyond traditional activities into more complex judgment-intensive work such as acturals, underwriting and analytics. TCS' FORE™ transformation methodology, TRAPEZE™ solution accelerators and extensive analytics capabilities have helped insurers achieve business excellence, predictable business results and better compliance and control. Through its BaNCS platform, TCS helps customers achieve optimal service and complex processes executed on best-of-breed technology.
In this report, Everest Group analyzed the position of 16 service providers specific to the Insurance BPO market. They were mapped on Everest Group's Performance, Experience, Ability, Knowledge (PEAK) Matrix™, a composite range of distinct metrics that measures each provider's capability and market success.
About TCS Business Process Services
Business Process Services (BPS) at TCS is about managing and executing business operations. Our domain expertise helps deliver core business processing across industries, analytics and insights and support processes such as accounting, HR and supply chain management. TCS partners with customers to accelerate co-transformation, and generates business value for customers through delivery excellence, risk management and through innovative Business Process as a Service (BPaaS) models. With over $1.4 billion in BPS revenues and 48,000+ employees across 17 countries delivering services to over 225+ customers, TCS is one of the leading Global Domain based BPS providers.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India's largest industrial conglomerate, TCS has over 290,000 of the world's best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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SOURCE Tata Consultancy Services