TCS soars after signing digital transformation pact with Oman's largest insurer Dhofar Insurance

Tata Consultancy Services jumped 4.68% to Rs 3603.45 after the company announced agreement with Oman-based Dhofar Insurance Company for transforming its core insurance platform.

Incorporated in Oman in 1989, Dhofar Insurance Company (DIC) is the largest insurance enterprise in Oman. It has a market share of over 18% in the general insurance space in the region.

As a part of the collaboration, TCS will accelerate DICs digital transformation journey, by setting up a modern insurance platform with next-gen technologies and improve customer and advisor experience across its key business offerings including life, medical, general and motor insurance.

TCS will help DIC harmonize several existing product lines and drive business agility while rolling out new products.

R Vivekanand, president, BFSI Products & Platforms, TCS, said: We are delighted to partner with Dhofar Insurance Company on the modernization journey of their insurance platform, and further expand our presence in the region.

We are confident that Dhofar Insurance Company will be able to achieve breakthroughs in productivity, elevate customer and advisor experience with the Next-gen TCS BaNCS; and in the process accelerate business outcomes.

TCS has a presence of over 20 years in Oman and is working with leading companies in the field of telecom, securities and some of the biggest banks and financial institutions in the country. TCS also opened its first office in Oman earlier this year, echoing TCS' commitment to driving digital transformation and supporting the economic and social development goals outlined in Vision Oman 2040.

Tata Consultancy Services (TCS) is a digital transformation and technology partner of choice for industry-leading organizations worldwide.

On a consolidated basis, TCS reported a 1.26% decline in net profit to Rs 12,224 crore while revenue from operations rose 0.79% to Rs 64,479 crore in Q4 March 2025 over Q3 December 2024.

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