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    TCS   INE467B01029

TATA CONSULTANCY SERVICES LTD.

(TCS)
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Delayed NSE India Stock Exchange  -  05:24 2022-11-30 am EST
3390.80 INR   -0.19%
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Tata Consultancy Services : TCS Helps Zurich Insurance Germany Digitally Transform its Life Insurance Business

09/21/2022 | 01:50am EST

Tata Consultancy Services to Modernize Zurich Insurance Germany's IT and Business Landscape to Streamline the Customer Journey, Enhance Customer Experience, Innovate at Scale and Drive Growth

FRANKFURT | MUMBAI, September 21, 2022: Tata Consultancy Services (TCS) BSE: 532540, NSE: TCS) and Zurich Insurance Germany (Zurich) have expanded their partnership, making TCS the exclusive strategic IT partner for the latter's life insurance IT landscape.

TCS has been a partner to Zurich Insurance Germany since 2016 and has been working closely to deliver key business initiatives in general insurance, customer and sales, and life legacy portfolios. With the expanded strategic partnership, TCS will help the insurer modernize, transform and manage the entire application estate supporting its life insurance business; improve, and standardize IT and business processes; accelerate cloud and digital adoption; and drive technical and domain innovation at scale.

Leveraging its deep contextual knowledge of Zurich's IT and business landscape and vast experience in leading innovation-led business transformations, TCS will help the insurer streamline the customer journey through digitalization and process simplification, enhance customer experience, and expand the use of the bancassurance channel. TCS will also leverage its innovation centers and capabilities to help Zurich scale its innovation efforts at speed and launch new digital services and products.

TCS will help Zurich embrace a new IT operating model, leveraging DevSecOps and automation. This will enable the insurer to bring innovations faster to market, and enhance the digital customer journey. TCS will also work closely with Zurich IT in joint agile teams to build a stronger internal IT core competency by leveraging TCS' Talent Transformation framework.

"Zurich is on a transformation journey - an "accelerated evolution" - with the aim of improving our digital capabilities, accelerating the development of new solutions and thus modernizing the IT landscape. We are creating a strong new foundation that will help us maintain our growth trajectory while focusing on customer experience," said Jens Becker, CIO, Zurich Group Germany. "Due to their excellent delivery competence, strong customer orientation and technical expertise, we have been working successfully with TCS for several years, and are now building this into a strategic partnership, selecting TCS as the exclusive partner for the life insurance domain."

"We are delighted to expand our partnership with Zurich Insurance Germany to drive their digitalization and transformation agenda. Given TCS' deep experience in the insurance industry, strong talent pool, and innovation hubs such as TCS Pace Port™, we are uniquely positioned to help Zurich Insurance Germany in their growth and transformation journey and enhance their competitive differentiation to become a market leader," said Uma Rijhwani, Business Unit Head, Banking, Financial Services, and Insurance - Central Europe, TCS.

Present in Germany since 1991, TCS currently partners with over 100 leading German corporations in their growth and transformation journeys, including 23 of the stock index DAX40. TCS has been consistently ranked number one for customer satisfaction in an independent survey of CxOs at top IT spending European organizations by Whitelane Research.

About Zurich Group Germany

The Zurich Group in Germany is part of the global Zurich Insurance Group. With premium income (2021) of over EUR 6.3 billion, investments of more than EUR 53 billion and around 4,500 employees, Zurich is one of the leading insurance companies in Germany.

Zurich offers innovative, efficient, and sustainable solutions and services for insurance, pensions and risk management from a single source. In line with the goal of "shaping a better future together", Zurich strives to be one of the most responsible and impactful companies in the world.

About Tata Consultancy Services (TCS)

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.

A part of the Tata group, India's largest multinational business group, TCS has over 606,000 of the world's best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index.

TCS media contacts: France

Email: karine.mazurier@tcs.com

Phone: +33 624633512

Asia Pacific

Email: wenjian.lin@tcs.com

Phone: +65 9695 9948

Australia and New Zealand

Email: Kelly.ryan@tcs.com

Phone: +61 422 989 682

Canada

Email: tiffany.fisher@tcs.com

Phone: +1 416 456 7650

Europe

Email: joost.galema@tcs.com

Phone: +31 615 903387

India

Email: vanshika.sood@tcs.com

Phone: +91 22 67789098

Email: saxena.kritika@tcs.com

Phone: +91 22 6778 9999

Middle East & Africa

Email: s.hasneen@tcs.com

Phone: +00971567471988

Japan

Email: douglas.foote@tcs.com

Phone: +81 80 2115 0989

Latin America

Email: alma.leal@tcs.com

Phone: +521 55 2095 6098

UK

Email: peter.devery@tcs.com

Phone: +44 20 3155 2421

USA

Email: james.sciales@tcs.com

Phone: +1 917 981 7651

Disclaimer

TCS - Tata Consultancy Services Ltd. published this content on 21 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2022 05:49:07 UTC.


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Financials
Sales 2023 2 219 B 27 169 M 27 169 M
Net income 2023 423 B 5 175 M 5 175 M
Net cash 2023 344 B 4 218 M 4 218 M
P/E ratio 2023 29,4x
Yield 2023 2,24%
Capitalization 12 431 B 152 B 152 B
EV / Sales 2023 5,45x
EV / Sales 2024 4,93x
Nbr of Employees 592 195
Free-Float 27,7%
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Number of Analysts 39
Last Close Price 3 397,35 INR
Average target price 3 394,95 INR
Spread / Average Target -0,07%
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Rajesh Gopinathan CEO, MD & Non-Independent Executive Director
Samir Seksaria Chief Financial Officer
Natarajan Chandrasekaran Non-Executive Chairman
K. Ananth Krishnan Chief Technology Officer
N. Ganapathy Subramaniam COO & Non-Independent Executive Director
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