NEW YORK and MUMBAI, India, Jan. 27, 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 recognized for the second year in a row by Everest Group as a Leader and Star Performer in insurance application outsourcing (AO). The report, "IT Outsourcing in Insurance – Service Provider Landscape with PEAK Matrix™ Assessment 2013," recognized TCS for its delivery capabilities, including scale, scope, domain investments, delivery footprint, and buyer satisfaction.
TCS was named a Leader, the highest rating according to Everest Group's PEAK Matrix™ framework, on the basis of overall market success and delivery capability. While market success was based upon annualized contract value, delivery capability was measured by the ability to deliver services successfully along the five sub-dimensions of scale, scope, domain investments, delivery footprint, and client satisfaction. TCS was also awarded the Star Performer rating based on year-on-year movement on the PEAK Matrix™ and top performance in both market success and capability advancement.
According to Everest Group, Leaders have a larger scale along with broader and deeper client relationships, higher technology capability and investment in tools and platforms, and wider delivery footprint and global delivery presence. "TCS strengthened its Leadership positioning through all round capability and market success enhancements," the report stated. It added, "TCS is a Star Performer for a second year in a row and the only Leader with a star performer rating owing to the highest annual growth rate in the Insurance ITO segment."
"The insurance industry continues to be a major adopter of consulting, IT and business process services as a result of consumerization, market consolidation, regulatory reforms, and emergence of new technologies," said Jimit Arora, Vice President of Everest Group. "TCS is among the few service providers catering to the global market that have achieved success with large-sized, multi-year insurance AO contracts. TCS has not only maintained its position as a Leader, but also substantially enhanced its capabilities and thought leadership to drive innovation and be a Star Performer with over 20 percent growth in annualized contract values (ACV). TCS' growth underscores the strong preference that insurers have shown for service providers with large and balanced portfolio of offerings."
"This recognition again by Everest Group is a testament to TCS' commitment and unique ability to enable insurance organizations through innovation, customer service, operations and technology excellence to address the transformative shifts underway in the business, regulatory and technology environments," said Suresh Muthuswami, President of TCS' Insurance and Healthcare Business. "In our role as a global strategic business partner, we are increasingly enabling insurers to not just operate with greater efficiencies but to also operate differently by transforming into more agile and customer centric organizations."
In the report, Everest Group analyzed the capabilities of 20 leading AO service providers, specific to the global insurance sector. These providers 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 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, BPO, 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.
SOURCE Tata Consultancy Services