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General Insurance Corporation of India implements centralized TCS BαNCS Insurance platform within 6 month timeframe

TCS Financial Solutions announced today that it has implemented TCS BαNCS Insurance platform, formerly branded Integrated Insurance Management System, for the Indian Motor Third Party Insurance Pool (IMTPIP). Integrated in association with the Motor Pool administrator, General Insurance Corporation of India, this highly scalable system will provide the Pool administration with centralized automatic, rule-based processing of all Commercial vehicle Third Party Motor Insurance Business. TCS BαNCS Insurance solution will facilitate timely and accurate apportionment of premium, claims, service tax and other income and expenses, thereby enabling an efficient multilateral reinsurance arrangement between the constituents of IMTPIP.

“TCS BαNCS Insurance solution has been implemented by TCS Financial Solutions within a very short time schedule. The changes at frequent intervals were incorporated easily and the solution delivered was of excellent quality. This highly flexible business application solution facilitates Indian Motor Third Party Insurance Pool to consolidate and process all its policy information in one place. The project team from TCS Financial Solutions fully understood the complex business requirements of the Motor Pool and provided valuable expertise during the development and deployment phases” stated Mr. J. Augustine, Deputy General Manager, General Insurance Corporation of India.

President of TCS Financial Solutions, Mr. N. G. Subramaniam, states: “TCS BαNCS Insurance product provides a flexible and highly functional solution for the world’s leading insurance companies that are aiming to maximize efficiency and minimize risk whilst modernizing their core legacy systems. With TCS BαNCS agile and secure Insurance solution clients are able to streamline policy operations and launch new products across multiple distribution channels.”

“Insurers increasingly need systems to run their business that are rules-driven, flexible and easy to both implement and maintain. The use of such systems will be a competitive advantage in the market, giving insurers the ability to adapt to changing market conditions, leverage single platforms for multiple lines of business, and reduce maintenance costs” stated Kimberly Harris-Ferrante, Research VP, Gartner Inc.