Company: TATA Consultancy Services Limited, Edison, NJ
Company Description: Tata Consultancy Services is an Indian multinational information technology services and consulting company with its headquarters in Mumbai. It is a part of the Tata Group and operates in 150 locations across 46 countries. In July 2022, it was reported that TCS had over 600,000 employees worldwide. TCS is the second largest Indian company by market capitalisation.
Nomination Category: Solutions & Implementations Categories
Nomination Sub Category: Business Intelligence Solution – New or New Version
 Nomination Title: TCS Intelligent Digital Extraction Suite for Business Intelligence and straight through processing
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the features, functions, benefits, and results to date of the nominated product or service, OR written answers to the questions? (Choose one):
Written answers to the questions
- Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 171 words used.
The salient features offered by TIDES solution include
- Image pre-processing that improves quality of images using computer vision models
- Document Classification using predective ML models as well as large language models
- Information Extraction using predictive ML models as well as large language models
- Photo & Signature extraction, comparision and verification
- Document Comparison that helps comparing insurance policies, quotes and generate business intelligence
- Document Comparison that helps comparing collaterals (brokerage statements, banking statements, life insurance policies) and validate the fund suficiency
- Data Comparison for use cases like KYC, disputes etc.
- Self Service module that helps customers to build their own automation using large language models
- Point & Shoot to capture data from the selected area of the screen
- Sensitive Information identification from documents and redacting that information
- Automate test document generation with sample data
These features helps our banking, insurance customers in digitizing vast amount of information sitting in documents quickly, easily, accurately and generate business insights from documents & data.
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video. If you are submitting written answers to the questions for this category, provide them in the spaces below.
Written responses provided as captured below
TCS solution brochure attached
tcs.com link for the solution is provided
One video uploaded that explains how insurance business is re-imagined and transformed with TIDES and other TCS cognitive solutions
- Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 142 words used.
TCS has been actively helping its customers in transforming their businesses leveraging TIDES solution. TIDES solution overview, features and projected benefits can be reviewed via attached TCS brochure and also tcs.com link.
https://www.tcs.com/what-we-do/industries/banking/solution/intelligent-data-extraction-suite
Also, please refer attached videos to get an idea on how insurance business processes are being re-imagined and transformed leveraging TCS Cognitive Automation Platform and TIDES.
Customer Speak:
Global Insurance Carrier:
TIDES team – thanks for the demo shown today, it looks very promising.
TIDES has helped processing inputs and generate quote within seconds. This implementation helps in reaching big milestone in our AI enabled digital journey.
- IT Application Manager
Financial Services Company:
TIDES helped reducing our financial risk significantly by automating collateral monitoring. Solution delivered near 98% accuracy, which is amazing. Thank you TCS for the excellent solution & service.
- Product Manager
- If you are nominating a brand-new product or service, state the date on which it was released. If you are nominating a new version of an existing product or service, state the date on which the update was released:
Banks, Financial Service Companies & Insurance Carriers are grappled with vast volumes of documents and images that are submitted by their customers, as part of their critical business prorcessing like insurance activities such as underwriting, policy servicing, and claims processing. banking / financial services activities such as KYC, dispute management, lending, collateral monitoring etc. However, the reliance on manual extraction methods has posed significant challenges, including time-consuming processes, error-prone methods, and scalability issues. Manual data extraction from unstructured documents has been a bottleneck, hindering operational efficiency and exposing banks, financial institures, insurers to risks of inaccuracies and compliance breaches. It also makes the data practically unusable for long term analysis and providing better product to their customer base.
The traditional intelligent document processing (IDP) solutions used to offer document digitization and extraction capabilities leveraging traditional & predictive AI models. While these predictive AI models deliver data with good accuracy, training these AI models takes significant effort and time. Also, any change to the solution takes 1 to 2 months time. Self Service capabilities are very limited in terms of new autoamtion and changes to existing automation.
These typical challenges with predicitive AI models are addressed through this latest version of TCS Intelligent Digital Extraction Suite (TIDES). Latest version of TIDES leverages GenAI models (Large Language Models) for this data extraction. By using GenAI models, now, companies can roll out, automation of information extraction from documents in days instead of months with predictive AI models.
TCS rolled out this feature to the market in early Jan 2024 and since then it has been implemented at 5+ customers across the globe.
These implementations provided an easier way to transform the processes and generate more qualitative business insights like analytics on insurance underwriting, claims from business documents and data.
- Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 344 words used.
TCS implemented TIDES solution for 10+ banking and insurance carriers in last 3 years and delivered key operational benefits like 40 to 60% reduction in cost of operations, upto 50% reduction in processing times, upto 40% improvement in straight through processing, better business insights with quality data etc.
TIDES helped TCS in generating 100 MM+ USD pipeline and 50 MM+ revenue so far.
Some of the key benefits realized by our customers with the latest version of TIDES (leveraging GenAI capabilities) include
- Self Service capability where customers themselves can rollout new automation.
- Reduction in automation timelines from months to days / weeks
- Hyrbid model where customers can choose combination of predictive and GenAI models that helps delivering good accuracy with optimal run cost
- Dataware houses with more accurate data that can be leveraged for Claims Analytics, Spending trends etc.. (Business Insights)
Sample use cases where our customers used TIDES include
- Global Insurance Carrier leverages TIDES to rollout smart digital portal where inurance agencies can upload the inventory and generate quote on the fly without manual interventions. Solution is live for last two years with 100% STP rate.
- Global Insurance Carrier leverages TIDES for building centralized claims database that can be leveraged by carrier for claims isnights (business insights) like reserves, money spent by TPAs etc...
- US based Insurance Carrier leveragesTIDES for implementing enterprise level indexing automation. TIDES classifies and extracts meta data for every document that comes into the enterprise and then indexes the document in their DMS, which forms system of record for their insurance processes like underwriting, servicing and claims etc. TIDES processes on an average 1.5 MM ++ documents per month for this carrier. This implementation helped insurance carrier in reducing their cost of operations by 60%.
- One of the largest Banks in US, leverages TIDES in automating their cash posting process. TIDES processes the checks, remittance advises, explanation of benefits and reconciles the information between checks, remittance advices and help understanding the open invoices. This helped reducing the timelines for collecting payments.
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