OREANDA-NEWS. 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's extensive experience with diverse insurance organizations and its in-depth domain expertise.

TCS's position as a leader was driven by its 30 percent plus 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 a 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 BPOs to further increase operational effectiveness and efficiency and to expand relationships beyond traditional activities into more complex judgement-intensive work such as acturals, underwriting and analytics.

TCS's 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 the 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 and knowledge (PEAK) Matrix™, a composite range of distinct metrics that measures each provider's capability and market success.