TCS named market leader for Property & Casualty Insurance technology
Indian IT services giant TCS has emerged at the top of another PEAK Matrix from the Everest Group, this time for its services in the Property & Casualty (P&C) Insurance Digital Services domain. TCS’ solutions combined Internet of Things and artificial intelligence capabilities to enhance personalisation.
The firm currently leads the market in India and across the globe in a number of domains. Last year, the firm was named a leader in Digital Marketing Services by research consultancy NelsonHall, while Everest itself used its PEAK metric to name TCS as a leader in Software Product Engineering.
The Performance, Experience, Ability and Knowledge (PEAK) Matrix looks to assess the relevance of a firm’s services and their overall valuein the contemporary market, and can be applied to a variety of sectors. TCS has now topped the PEAK matrix in the domain of P&C Insurance Digital Services.
The advent of a range of Industry 4.0 technologies has meant that customers now have the ability to prevent or reduce their insurance claims. According to the Everest Group, TCS has been supporting customers with this transition to being tech savvy and enabled individuals.
The firm employs a Machine First Delivery Model, which allows for the customisation of insurance solution to individual needs and preferences. Moreover, TCS’ solutions in the insurance domain are not limited solely to customers but extend to other stakeholders, including providers.
In the P&C domain, TCS solutions include its Connected Universe Solutions, including its Connected Auto and Connected Home, all of which leverage IoT technology to deliver customised solutions. The firm also offers support to organisations with processes such as cloud migration.
Commenting on TCS’ position, K. Krithivasan, Global Head for Banking, Financial Services and Insurance for TCS said, “Insurers are leveraging technologies like IoT and analytics to receive real time sensor-driven risk intelligence to offer differentiated products and reimagine customer experience in the Business 4.0 era.
“This leadership assessment by an independent third-party research firm is a recognition of our strong market presence, investments in innovation, and vision in this space. Our strong services portfolio, digital technology expertise, and transformational mindset coupled with contextual knowledge of the customer's business help us provide strategic direction to property and casualty insurers in their digital journey” he added.
