Tata Consultancy Services (TCS) has announced its partnership with B3i Services AG to design, develop and launch ecosystem innovations based on distributed ledger technology (DLT) for the insurance industry. 

The Mumbai based company stated in its stock exchange regulatory filing. “This partnership leverages TCS’ innovation capabilities and B3i’s industry-leading production DLT platform, to accelerate the digitization of insurance for faster and more efficient delivery of tailored solutions to support risk managers, insurers, brokers, reinsurers, and industry service providers. Partners and customers will be able to leverage the B3i Fluidity® platform by reusing common components and services, as well as ensuring interoperability with other applications in the B3i ecosystem.”

“By working together with trusted partners, the insurance industry can solve longstanding problems that individual insurers and brokers can’t solve alone. TCS’s capabilities and global scale complement B3i’s specifically in the insurance industry, where participants in B3i are establishing protocols, curating minimum standards, safeguarding interoperability, and setting a solid foundation to digitally transform the insurance Industry” said John Carolin, CEO, B3i

The stock of TCS closed at Rs. 2629 per share today, Rs.24.40 higher than its previous day’s close on the NSE.

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