TCS gains as TCS BaNCS to drive digital strategy for insurance carriers

TCS rose 1.49% to Rs 2,115 at 14:39 IST on BSE after the company said that TCS BaNCS for Insurance will enable Carriers to leapfrog the digital divide through Analytics and by leveraging ISO Electronic Rating ContentTM information.

Meanwhile, the S&P BSE Sensex was up 212 points or 0.83% at 25,608.46

On BSE, so far 54,397 shares were traded in the counter as against average daily volume of 1.38 lakh shares in the past one quarter.

The stock hit a high of Rs 2,117.80 and a low of Rs 2,080 so far during the day. The stock had hit a record high of Rs 2,384.20 on 14 January 2014. The stock had hit a 52-week low of Rs 1,382.10 on 26 June 2013.

The stock had underperformed the market over the past one month till 6 June 2014, falling 5.23% compared with the Sensex's 12.83% rise. The scrip had also underperformed the market in past one quarter, declining 7.01% as against Sensex's 18.05% rise.

The large-cap company has equity capital of Rs 195.87 crore. Face value per share is Re 1.

Tata Consultancy Services (TCS) announced today, 9 June 2014 at Insurance industry's event IASA 2014 that TCS BaNCS for Insurance will enable Carriers to leapfrog the digital divide through Analytics and by leveraging ISO Electronic Rating ContentTM (ERC) information. TCS BaNCS' superior, holistic suite of insurance solutions encompasses a transformational digital strategy that builds on Data Analytics, Mobility, Portal and Social Media.

TCS BaNCS has integrated ISO ERC and offers a richly functional core platform that not only helps carriers serve today's customers better but also embrace customer's changing aspirations and needs of the future. Commenting on the ISO ERC integration, Mike Fitzgerald, Insurance Analyst at Celent said, TCS has demonstrated significant commitment to enable cost reduction and save precious time for Carriers through ERC integration. The anticipated shifts in the industry will compel significant changes by all players and it is an opportunity especially for technology players to make a difference.

Vijaya Deepti - VP of TCS said, "The key to digital re-engineering is to embrace the entire enterprise, not just jump on an ad-hoc opportunity. TCS BaNCS is built on that promise of enterprise-wide transformation where a carrier can take a quantum leap from the Legacy age into the New age business environment. Our value proposition stems from a deep understanding of global innovation and a proven track record of customer success.

As an ISO ERC Integration associate, TCS integrates ISO loss costs, rules, rating information and policy form attachment logic into the TCS BaNCS rating engine and Policy Administration System. In line with the TCS digital strategy, the ISO ERC integration provides the possibility of utilizing ISO rating information and changes as input into automated rate comparisons, predictive modeling and other advanced analytical methodologies. As part of the product roadmap, TCS BaNCS has also expanded its capability to drive transformation leveraging Big Data and Analytics, Mobility, Social Media and Portal.

TCS' consolidated net profit rose 2.3% to Rs 5297 crore on 1.2% growth in revenue to Rs 21551 crore in Q4 March 2014 over Q3 December 2013.

TCS is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services.

Powered by Capital Market - Live News