In a significant move, Tata Consultancy Services (TCS) has announced a 15-year deal extension with the UK-based insurance giant, Aviva. The extended partnership is poised to bring about transformative changes in the insurance landscape, focusing on enhanced customer experience and streamlined policy administration.
Under the renewed agreement, TCS will leverage its FCA-regulated subsidiary in the UK, Diligenta, to manage end-to-end policy administration and servicing for over 5.5 million policies. This strategic expansion demonstrates TCS’s commitment to providing comprehensive solutions and reinforces the company’s foothold in the insurance sector.
A key highlight of the deal is the deployment of TCS BaNCS, an advanced platform that will empower Aviva to extend superior customer service to its extensive policyholder base. This move aligns with TCS’s customer-centric approach to digitization, focusing on self-service options, digitally powered service delivery centers, and a simplified technology landscape.
TCS’s approach to digitization aligns with the New Consumer Duty Principles, emphasizing the delivery of excellent customer service. The implementation of self-service options, coupled with digitally-driven service delivery centers, aims to elevate the overall customer experience and satisfaction.
TCS BFSI Platforms, the end-to-end digital ecosystem, plays a pivotal role in the digital transformation of insurance providers. The platform, with a Software-as-a-Service (SaaS) first approach, enables companies to manage enterprise simplification, deliver superior customer experiences, and achieve seamless digital transformation.
TCS’s recent financial performance showcases robust growth, with a 2% YoY increase in consolidated net profit for Q3 FY24, amounting to Rs 11,058 crore. The revenue also saw a 4% YoY growth, reaching Rs 60,583 crore. Despite a sequential decline in profit due to a one-time charge for legal settlement, the company reported an EBIT margin of 25%, reflecting its financial resilience.
In Q3, TCS secured contracts totaling $8.1 billion, underscoring its continued success in the market. While this marked a decrease from the previous quarter, the company remains a formidable player in the IT and consulting space.
