October 26, 2017
TCS and ACORD collaborate on digital transformation enhancements for the insurance industry
Tata Consultancy Services partners with ACORD to update and modernise ACORD’s reference architecture assets to enhance insurance industry standards for the digital era
New York | Mumbai: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organisation, and ACORD, the global data standards-setting body for the insurance industry, announced, today, an exclusive initiative to modernise the insurance industry by providing enhancements to ACORD’s reference architecture.
The architecture modernisation, powered by TCS, will provide a robust foundation for insurers to leverage new standards for a digital world and meet the increasingly complex demands of their customers. TCS will work with ACORD to develop defined data models and standards to allow insurers to address digital transformation, and more easily embrace emerging technologies.
“Significant changes in technology and the business environment are driving the insurance industry to modernise technology assets and architecture models in order to support new forms of data and transactions,” said Suresh Muthuswami, president and global head, insurance, TCS. “API-ification’ is the key driving force in the approach to standards. This is a significant strategic step forward for an industry that is striving to leverage digital capabilities in order to get closer to customers, increase agility and responsiveness, and become better competitors as new developments in the next generation of data and analytics evolve,” added Mr Muthuswami.
TCS will facilitate this forward-looking initiative with its insurance industry domain strengths, digital transformation expertise, and proven track record in successfully working with insurers to implement business enhancements while simultaneously providing innovative solutions to assist in their digital journeys.
“ACORD’s collaboration with TCS will enable our members to manage the information demands of a digitised economy, and provide tangible benefits to insurers, reinsurers and brokers – in a world where new forms of data are coming from non-traditional sources,” said William Pieroni, president and CEO, ACORD. “This initiative represents the best of ACORD, truly fulfilling its mission to encourage the flow of data across all insurance stakeholders by producing an architecture that benefits all members and enables individual organisations to focus on their growth strategies,” he added.