Aviva Wins Celent Model Insurer Award for Data and Analytics Transformation by TCS

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that its customer Aviva Plc won the 2023 Celent Model Insurer Award for Legacy and Ecosystem Transformation. The award recognised the collaboration between TCS and Aviva to modernise and reimagine the latter's data and analytics landscape, driving better decisioning, enabling personalisation, and creating a solid foundation for future business growth.

As a long-standing strategic partner, TCS joined hands with Aviva on its 'One Lake' programme, aimed at consolidating four data infrastructures into a single platform. TCS delivered a modern, decentralised data lake solution leveraging AWS-architected framework standards that combine data engineering and data science capabilities. TCS and Aviva seamlessly transitioned 50 TB of data from on-premises infrastructure to cloud with minimum impact to business. With an agile delivery framework, TCS delivered changes incrementally, thereby demonstrating continuous value to the various stakeholders.

With the new architecture, data engineering pipelines are built mostly on cloud-native or open-source technologies, allowing faster and consistent data delivery. The marquee features of the solution include a scalable and serverless architecture capable of real time streaming, big data processing, custom built engineering pipelines, technology agnostic audit and reconciliation frameworks and integration with data exploitation capabilities for advanced machine learning.

This modernisation initiative has delivered significant business value including reduction in data acquisition times by ~80% for business users and reduction in net new data ingestion delivery timelines by ~60%. It has also enabled commercial business teams to change business rules ~50% faster and improved the underwriting and pricing teams' workflow from days to hours, enabling them to offer more accurate policy pricing to customers. Aviva's business teams have been empowered with amplified capabilities in areas such as fraud detection, investment management and connected car/home ecosystem propositions.

"The One Lake and Platform Modernisation programme has brought Aviva a step closer to becoming a data and insights led insurance organisation. Our team worked closely with TCS and leveraged their contextual knowledge, cloud and data capabilities to drive this transformation," said David Young, Director, Data, Analytics & Group Platforms, Aviva.

"Insurers are constantly looking for ways to extract greater value from data to drive business decisioning and deliver hyper-personalised services to customers. With TCS' cloud and data expertise, Aviva has built a modern data landscape that opens the path to new growth opportunities. We are extremely happy to have been a part of Aviva's transformation journey that is delivering unmatched value in the form of increased customer intimacy, greater speed-to-market, and always-on services capabilities. We congratulate Aviva on this much deserved recognition from Celent," said Vinay Singhvi, Business Head, BFSI - UK and Ireland, TCS.

"With its enterprise data and analytics modernisation initiative, Aviva - with the help of TCS - has improved the basic foundations of its business and operations. The insurer can now count on timely and actionable data in crucial business decision-making processes. Also, Aviva's One Lake program-part of their enterprise data and analytics modernisation initiative-represents a major investment to consolidate four data infrastructures into a single platform. It is a perfect example of how data-when rethought strategically-can generate clear tangible value for an insurer," said Nicolas Michellod, Digital Proposition Leader, Celent.

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3421.10 as compared to the previous close of Rs. 3355.35. The total number of shares traded during the day was 29183 in over 3273 trades.

The stock hit an intraday high of Rs. 3426.00 and intraday low of 3356.05. The net turnover during the day was Rs. 99369805.00.

Source : Equity Bulls

Keywords

TataConsultancyServices INE467B01029 TCS Aviva Award 2023CelentModelInsurer