TCS BαNCS Insurance

TCS BaNCS offers it’s state-of-the-art, web-based Insurance product suite, which provides efficient service delivery across all lines of business (property and casualty, individual and group life, reinsurance).

Tata Consultancy Services also offers the Product Workbench, a solution that supports the rapid deployment of new insurance products; and the Agent's Workbench, for lead generation and customer relationship management.

TCS BaNCS is a flexible platform that helps insurers to become bigger, leaner and smarter. It helps them with following strategic benefits:

• Flexibility and speed to market, enabling the quick launch of new products, channels and quick adaption to the changing regulatory environment
• Anytime, anywhere access and high availability of the system, improving productivity
• Smooth enterprise integration through SOA-enabled architecture
• Uniform, accurate and timely service delivery across all lines of business and channels

Our Insurance product suite:

Insurance – Property and Casualty

TCS BaNCS Insurance provides a complete end-to-end solution for the insurance business, supporting all mainstream products, sales channels, and lifecycle functionalities, including customer management, product definition, policy administration, claims management, insurance accounting, reinsurance and more.
TCS BaNCS Insurance supports insurers of different sizes and complexities across the globe. As a component based solution that can interface with legacy infrastructure, TCS BaNCS meets the needs of any insurance service provider in the property & casualty business.

Insurance Life and Pensions

Recently recognized trends in demographics and resulting regulations have necessitated a renewed focus on product innovation by the life and pensions providers. Thus, in recent times, market demand has joined the other key drivers of change time to market, cost control and distribution. To thrive, insurance carriers must be more efficient than their competition, highly attuned to changing consumer behavior and agile in response to regulatory changes.

TCS BaNCS Insurance offers functionally rich, flexible and user friendly support for insurance operations. The solution operates through an easy to use web based interface supporting global organizations with multiple languages and currencies. The solution can be easily customized to meet the specific business needs of any insurance service provider.

Insurance - Workers' Compensation

TCS BaNCS insurance is a complete end-to-end solution that enhances the basic business of insurance, supports insurers of different sizes and complexities across the globe.TCS BaNCS Insurance connects agents, underwriters, auditors, claims adjusters, policyholders, injured workers and other stakeholders within an integrated framework. TCS BaNCS insurance enables firms to rapidly create and configure new insurance products, rates and algorithms across markets and with flexible product options, employing a user friendly configuration manager and an externalized rules engine. From these capabilities, insurers can enhance productivity, efficiency and regulatory compliance for workers' compensation policy and claims administration.

Insurance - Reinsurance

End-to-end business solution for Reinsurance Operations

TCS BaNCS Insurance offers an unmatched set of features, backed by a rapid deployment model that seamlessly integrates the system into the business models of insurers, irrespective of the size and complexity of existing operations. Using global best practices and a best-in-class business architecture, the robust TCS BaNCS solution caters to insurers’ current requirements with the flexibility and scalability to support future expansion and compliance needs.

With full support for reinsurance capabilities, TCS BaNCS Insurance helps insurers to mitigate the risk of satisfying customer demand for comprehensive protection, thus preserving the financial health of the institution as well as the customer relationship. Learn more.

Insurance - Product Workbench

Delivers flexibility and speed to market

Product Workbench, the product management component of TCS BaNCS Insurance, supports the development of innovative and complex insurance products across all business lines. At each phase of the product lifecycle, Product Workbench helps global insurers to increase flexibility, reduce costs and reduce risks. Learn more.

Insurance - Agent Workbench

It is imperative for organizations to focus on process efficiency as a way of retaining existing—and gaining new customers. So is the case with Insurance. Most companies realize the need to facilitate quicker decision making processes, and enable their sales force to expand their reach, irrespective of connectivity. The Agent Workbench solution from TCS BaNCS is the answer to all the above needs. TCS BaNCS is a comprehensive portfolio of solutions for banks, capital markets firms, insurance companies, and diversified financial institutions. The insurance solution from TCS BaNCS comprises a suite of solutions that perform multiple functions to meet the varied needs of insurance enterprises across lines of business, distribution channels and customer segments.

Agent Workbench is a stand-alone, connected, on-demand, browser-based application, which enables sales personnel to conduct pre-sale and post-sale activities offline efficiently. It makes it easier to present customers with facts and numbers, and personalized services, achieving a high closing ratio.

Benefits:

Our feature-rich application also helps automate various aspects of the insurance business. Internal users, agents, development officers and intermediaries can all access the system in a secure manner. Using this solution an organization can:

• Perform routine operational tasks without being limited by connectivity
• Enhance customer relationships by providing superior and reliable services
• Spur sales by making uniform presentations and offering standard quotations that conform to company and regulatory norms

Features:

• Illustration, plan combination and comparison - Agents can capture prospect information and generate illustrations, which display the premium expenditure and receivable benefits on a year-on-year basis, based on the product parameters. This can be done on a laptop or desktop and for multiple plans.

• System management and administration - It enables the staff to upload data (policy data, NAV, and so on), share it with customers and provide prompt services.
• Insurance calculation - Provision for calculating premium, SV, paid-up data and maturity value, and presenting accurate information. This allows staff to make right calculations and share the data immediately with customers to facilitate fast and informed decision making.
• Customer information - Helps in capturing, storing and reviewing customer information; assists marketing and after-sale activities.
• Utilities - All the marketing support material including product brochures and other static content is readily available at hand. A personal organizer with an action planner, a festival calendar and other such features help prioritize work and reach targets.