TCS expands partnership with Zurich Insurance Germany

Tata Consultancy Services (TCS) and Zurich Insurance Germany (Zurich) have expanded their partnership, making TCS the exclusive strategic IT partner for Zurich's life insurance IT landscape.

The IT major said that it has been a partner to Zurich Insurance Germany since 2016 and has been working closely to deliver key business initiatives in general insurance, customer and sales, and life legacy portfolios.

With the expanded strategic partnership, TCS will help the insurer modernize, transform and manage the entire application estate supporting its life insurance business; improve, and standardize IT and business processes; accelerate cloud and digital adoption; and drive technical and domain innovation at scale, the company stated.

The company said that it will assist the insurer to streamline the customer journey through digitalization and process simplification, enhance customer experience, and expand the use of the bancassurance channel. TCS will also leverage its innovation centers and capabilities to help Zurich scale its innovation efforts at speed and launch new digital services and products, it added.

TCS will help Zurich embrace a new IT operating model, leveraging DevSecOps and automation. This will enable the insurer to bring innovations faster to market, and enhance the digital customer journey. TCS will also work closely with Zurich IT in joint agile teams to build a stronger internal IT core competency by leveraging TCS' Talent Transformation framework, the IT firm said in the press release.

Jens Becker, CIO, Zurich Group Germany, said , Zurich is on a transformation journey - an "accelerated evolution" - with the aim of improving our digital capabilities, accelerating the development of new solutions and thus modernizing the IT landscape. We are creating a strong new foundation that will help us maintain our growth trajectory while focusing on customer experience. Due to their excellent delivery competence, strong customer orientation and technical expertise, we have been working successfully with TCS for several years, and are now building this into a strategic partnership, selecting TCS as the exclusive partner for the life insurance domain.

Uma Rijhwani, Business Unit Head, Banking, Financial Services, and Insurance - Central Europe, TCS, said, We are delighted to expand our partnership with Zurich Insurance Germany to drive their digitalization and transformation agenda. Given TCS' deep experience in the insurance industry, strong talent pool, and innovation hubs such as TCS Pace Port, we are uniquely positioned to help Zurich Insurance Germany in their growth and transformation journey and enhance their competitive differentiation to become a market leader.

Tata Consultancy Services is an IT services, consulting and business solutions organization. It offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions.

The IT major's consolidated net profit declined 4.5% to Rs 9,478 crore despite a 4.3% rise in revenue from operations to Rs 52,758 crore in Q1 FY23 over Q4 FY22.

Shares of TCS were down 0.85% to Rs 3,015.40 on the BSE.

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