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: Sales Automation Solution - Implementation
 Nomination Title: New Business / Sales Automation for Insurance Carriers leveraging TCS Cognitive Automation Platform
- State the the date on which the nominated solution was first available:
TCS is helping its insurance clients i.e. insurance carriers in automating their sales & new business processes leveraging its cognitive automation platform (CAP.ai). This automation is helping insurance carriers in reducing their manual activities in sales process and provide quote to customer with faster turn around time.
This solution helped one insurance carrier in rolling out smart digital portal where customers can upload their inventory details about their equipment, drivers, vehciles that need to be insured and get quote / premium instantaneously for selected products.
This solution helped another insurance carrier in reducing underwriting timelines by 50% for products in scope, helping to reduce the quote generation timelines and fastening the sales cycle.
Overall, this solution helped insurance carriers in reducing their timeline for sales cycle and improve conversion rates.
TCS Cognitive Automation Platform for Insurance is made available to markets since June 2023.
As of today, around 8 insurance carriers deployed this solution and repeaing benefits.
- Describe the features, functions, and benefits of the nominated Sales Automation Solution (up to 350 words):
Total 201 words used.
Salient features offered by CAP.ai for Insurance include
1.) Automated receipt of sales requests from channels like email, fax, contact center, web portal etc
2.) Automated classification and indexing of requests by product like General Liability, Auto, Marine, Worker Compensation etc..
3.) Automated document digitization / analysis
4.) API integrations with premium calculation engines
5.) Comparison of quotes leveraging AI
6.) Smart Portal by integraging TCS CAP with third party Low Code No Code (LC NC) portals
Functions / Technical Capabilities offered by CAP.ai for Insurance include
1.) AI based document digitization. This is very critical for success of the solution as every insurance agency / broker submits their property inventory, equipment / vehicle inventory in their own format. AI component of CAP.ai helped in analyzing the information and arriving at summary that helped calculating the premiums / quotes with near 100% accuracy and achieve straight through processing
2.) API integrations with Policy Administration Systems / Rating Engines
3.) AI enabled document classification and indexing
Benefits achieved by our customers:
1.) Reduction in sales cycle effort & timelines (underwriting) by 50% for products in question
2.) Conversion of manual journeys into 100% digital journeys for selected products
3.) Improvement in conversion rates by 10%
- Outline the need or problem that was identified, why the solution was chosen, how the solution was implemented, and the results of your implementation to date (up to 350 words):
Total 350 words used.
Insurance carriers in the new business (sales) space face many challenges, including competition, compliance, and customer expectations. There are many insurance companies in the market and every company need to make sure that their product is competitive both from coverages as well as financial perspective. Insurance companies must comply with complex laws and regulations which includes state level regulations too. Customers also want insurance policies that are tailored to their specific needs and look for quotes instantly so they can compare multiple carriers and take decision. This situation warrants all insurance carriers to disrupt, automate and digitize their sales process so customers can customize their coverage easily and get quote as quickly as possible.
TCS observed this industry problem and contextualized its Cognitive Automation Platform for Insurance space and rolled it out to the insurance carriers.
Here are some use cases where TCS Cognitive Automation Platform (CAP.ai) is implemented for automating sales process
Global Insurance Carrier: This carrier converted their manual sales process into completely digitial process. Carrier implemented smart digital portal by integrating their customer facing protal with CAP.ai. This helped carrier in adropting digital journey quickly and also change customer experience completely. Solution has been live for last 1 year and helped generating 25000+ quotes through this solution. Products covered: Travel, Accident and Health etc..
US based insurance carrier: This carrier automated their underwriting process by integrating CAP.ai into their sales cycle / solution. CAP.ai helps analyzing Statement of Values, digitize the information, transform the information into the format that could be understood by the carrier so carrier can automate the rest of the process that includes risk rating and quote generation. This solution helped the insurance carrier in reducing their underwriting timelines by 50%. Products covered: Property
US based insurance carrier: This carrier automated the indexing of requests received from mailroom services and fax leveraging CAP.ai so the request can be routed to right solution / team correctly first time itself and quote gets generated quickly. This helped carrier in reducing their cost of operations by 60%. Products covered: Auto, Property, Worker Compensation etc..
- 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 implementation, OR written answers to the questions? (Choose one):
Written answers to the questions
- 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 solution deck attached
tcs.com link for the solution is provided
- 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 120 words used.
https://www.tcs.com/what-we-do/industries/banking/solution/cognitive-automation-ai-ml-knowledge-management
TCS has been actively helping its customers in transforming and automating the sales process / activities of insurance carriers leveraging TCS Cognitive Automation Platform. TCS Cognitive Automation Platform overview, features and projected benefits can be reviewed via attached deck and also tcs.com link.
https://www.tcs.com/what-we-do/industries/banking/solution/cognitive-automation-ai-ml-knowledge-management
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.
Customer Speak:
Global Insurance Carrier:
TCS team – thanks for the demo shown today, it looks very promising.
TCS 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
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