Tata Consultancy Services (TCS), a New York and Mumbai-based global IT services, consulting and business solutions organization, and ACORD (Pearl River, N.Y.), the global data standards-setting body for the insurance industry, have announced an exclusive initiative to modernize the insurance industry by providing enhancements to ACORD’s Reference Architecture.
TCS’s architecture modernization initiative is aimed at providing a robust foundation for insurers to leverage new standards for a digital world and meet the increasingly complex demands of their customers, according to the company. TCS says it will work with ACORD to develop defined data models and standards to allow insurers to address digital transformation, and more easily embrace emerging technologies.
‘API-ification’ the Driving Force
“Significant changes in technology and the business environment are driving the insurance industry to modernize technology assets and architecture models in order to support new forms of data and transactions,” comments 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.”
For what it calls this forward-looking initiative, TCS says it will count on 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 digitized economy, and provide tangible benefits to insurers, reinsurers and brokers – in a world where new forms of data are coming from non-traditional sources,” comments Bill 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 organizations to focus on their growth strategies.”