Monday, January 21, 2013

Insurance BPO Vendor Profile – TCS BPO


Tata Consultancy Services (TCS) has been designated as a leader in insurance BPO in the Everest Group report – PEAK Matrix. TCS is dominant in UK market through its subsidiary Diligenta.
Diligenta, UK FSA regulated subsidiary was established in 2005 to specialize in the provision of business process outsourcing (BPO) services for the UK life & pensions industry. In 2006, Diligenta secured its first £486 million deal with the Phoenix Group (formerly known as the Pearl Group). Since then, Diligenta has secured a number of new clients in the Life and Pensions sector and today administers circa 5 million policies.
TCS has over three decades of experience, partnering with over 90 regional and global insurers to achieve improved operational efficiencies, reduced costs and customer / partner satisfaction and  services span all insurance segments - life, healthcare, property and casualty (general insurance) as well as annuities, pensions and retirement, and span the complete life cycle.
Recently concluded a multi-year, multi-million dollar transformation project at Phoenix Group, the UK’s largest specialist consolidator of closed life funds that involved replacing and decommissioning 11 major life and pension administration systems, hundreds of peripheral systems and migrating more than four million policies and customer records, across multiple brands and product lines into TCS BaNCS Insurance.
TCS won its second-biggest outsourcing contract worth $2.2 billion from UK based pension firm Friends Life, based on a model wherein the company will be paid for each insurance transaction and will add another 3.2 million policies. 

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