MUMBAI, India, Dec. 6, 2012 /PRNewswire/ -- Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading consulting, business solutions and IT services organization, announced today that it has been rated as a Leader in Insurance IT Application Outsourcing (AO) by the Everest Group, an advisory and research firm on global services. Everest Group's PEAK Matrix, published in the October 2012 also recognized TCS as a "2012 Insurance AO Market Star Performer" - a distinction that is awarded to providers with the strongest year-on-year forward movement in market success and capability advancements.
Among the attributes that garnered TCS the honor are the company's sharp focus and investments into the Insurance vertical, the large and growing numbers of active global Insurance clients, and TCS' customized and innovative products and solutions for the insurance industry that support all the insurance line of businesses (LoBs) across all AO functions. TCS improved on its already strong showing in the prior year report, receiving the highest rating among all service providers in the analysis of both delivery capability and market success (based on transaction activity).
"We are delighted to receive the Leader and Market Star Performer Rating from Everest Group, this reaffirms our position as the leader in providing domain led large transformational services to the global insurance industry," said Suresh Muthuswami, President, Insurance and Healthcare for TCS. "Our commitment and investments on building relevant and current offerings for a rapidly evolving industry along with our domain led full services offerings enables us to be the partner of choice for our insurance clients".
"As Insurers across the globe look at leveraging technology and outsourcing to support their key business priorities and adopt a more result-oriented approach, TCS continued to build on its strengths through investments in domain capabilities. ," said Jimit Arora, Vice President, Everest Group. "Despite its large operating scale, TCS registered growth of approximately 30% in Insurance AO revenue and ACV and improved on its strong prior year position on this report to be designated Leader and Market Star Performer this year."In this 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 into are divided into three categories: Leaders, Major Contenders and Emerging Players, PEAK is a composite index of a range of distinct metrics related to a provider's capability and market success. Access this report here .