Tata Consultancy Services, Dallas, TX, United States: Improving Customer Services by Leveraging TCS Transform Consulting Methodology

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Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses for the past 50 years. TCS Business Ops Transformation group was carved out to empower BFSI (Banking Financial Services & Insurance) organizations with exponential improvements to customer experiences and harness automation opportunities by leveraging TCS Tran$form©, a process assessment and maturity framework.

With the advent of digitization, BFSI organizations are increasingly facing issues such as rapidly evolving customer expectations, rising operating costs, and emerging technology-enabled competitors. Undertaking large-scale digital transformation to tackle these challenges often tends to obstruct the day-to-day operations. Also, the lack of in-house digital talent and synchronization between digitization roadmap and strategic business objectives limit the success of such transformation programs.

TCS Tran$form© offers a range of capabilities such as:

• Rationalized Processes: Facilitates automation across value chain with next-gen cognitive technologies.
• Digital Transformation: Ushers in end-to-end digitization using a holistic approach
• Improved Customer Experience: Enables superior customer experience by bridging engagement gaps using digital levers
• Business Transformation: Reinvents traditional business models by tapping into new revenue streams

Using TCS Tran$form©, BFSI companies can drive revenue growth and establish themselves as leaders in digital domain

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Over the years, TCS has leveraged the Tran$form© assessment framework along with its suite of purpose-built solutions to identify opportunities and create value for the customer on a continuous basis for multiple engagements across Banking and Financial customers. Some of the key engagements since July ’20 are:

Case Study #1: Large Nordic Private and Commercial Insurer: Multi country transformation assessment for travel and non-travel Insurance lines. 160+ transformation opportunities identified across Self-service enablement, Task/workflow automation, Digitization, AI/ML text mining, intelligent extraction and enhance existing applications and customer experience.

Benefits: 20% benefits delivered since Aug ‘20 and 50% expected in the next 5 yrs of engagement

Case Study #2: Canadian Insurer providing Group and Individual Life & Health benefits: 35+ transformation initiatives identified for process optimization and customer experience enhancement. Drafted target state charter for transforming client’s Life, Disability, Dental, Retirement, Plan Sponsor Services across Back-office operations and Contact Center

Benefits: 18% reduction in current ops cost base; 30% Improvement proposed in first pass yield; Enterprise wide Chatbot rollout ongoing

(Refer attachment “Improving Customer Service by leveraging TCS Transform Consulting Methodology” slide no. 4 for details)

Case Study #3: Large US based Home Insurer: Proposed transformation roadmap for the entire value chain of Commercial UW, Personal UW & Personal Claims Management including Cognitive automation, Workflow, RPA, Mail automation to lower operations cost and improve customer experience

Benefits: 91 automation opportunities identified; 3.8 MM USD savings to customer over a 5 year period; Cost takeout of 50% for current operations

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Please refer attached documents and web links for additional details and evidence of claims:

Annexure 1: Improving Customer Service by leveraging TCS Transform Consulting Methodology

Annexure 2: Transform Brochure

Web link to Digital Transformation and Customer Experience in Banking : https://www.tcs.com/what-we-do/industries/banking/solution/banking-digital-transformation-customer-experience ;

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Companies today are striving to be more agile. Our clients are looking at eliminating ineffective, non-essential spending to quickly achieve capital, cost, or revenue benefits, in conjunction with a partner that can drive down costs (and boost revenue) through simplification, automation and business transformation. The challenge is that despite the alignment of strategy, effort and right technology, the results tend to fall short in delivering best results. For companies to build sustainable value propositions and create enhanced customer experiences, they need to commit to a next-generation operating model. This transformed operating model integrates multiple intelligent automation and cognitive levers, digital capabilities, cloud and platform enhancements along with domain depth to achieve the desired results in customer experience, stakeholder expectations and business results.

TCS TranSform© offers a thorough assessment of as-is state for any business with an objective to create a transformation roadmap using multiple operational and technology levers. This holistic and unique approach not only presents a real-state opportunity view but combined with TCS Technology and Domain expertise, presents a very pragmatic roadmap with ROI for the customer to be able to drive transformation in a sustainable manner.

While multiple companies have a transformation offering, most are either Domain led or purely Technology focused. Tran$form© has also been successfully implemented across multiple clients over the past couple of years and has garnered extremely positive customer feedback. It has also been the leading transformation methodology for multiple deal constructs and customer meetings