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TCS BαNCS Insurance enables leading Hungarian firm, CIG Kozep-Europai Biztosito Zrt. (Pannonia Insurance), to launch Unit-linked Life Insurance business

TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced today that CIG Kozep-Europai Biztosito Zrt., branded as Pannonia Insurance in Hungary, a recently-incorporated Insurance company based in Budapest, Hungary, has gone live with TCS BαNCS Insurance.

TCS BαNCS Insurance provides a complete end-to-end solution for the life and pensions business, supporting unit linked and traditional products, sales channels, and lifecycle functionalities, including customer management, product differentiation, policy servicing, claims management, insurance accounting and other new product innovations. TCS BαNCS Insurance supports insurers of different sizes and complexities across the globe, and it has been used in single product scenarios as well as a consolidation platform for multiple products and lines of business. The solution operates through an easy to use web based interface supporting global organizations with multiple languages and currencies. The platform agnostic solution can be deployed on any J2EE compliant application server. TCS BαNCS Insurance was configured for Pannonia Insurance to suit the entire core Unit Linked Life insurance, Claim, Accounting, Customer Portfolio management, Sales Channel Commission Management, Document manager and Interfacing functionalities as required by Pannonia. The reporting database including Fund Management Reports was also delivered to them.

“TCS BαNCS Insurance is an outstanding policy administration solution. It has provided our organization with a faster time to market and improved efficiency of operations,” said Mr. Bela Horvath, CEO of CIG Kozep-Europai Biztosito Zrt. “Excellent performance of the system in the operationally critical post implementation period was key to successful market entry. Given that Pannonia is a greenfield company, we deeply appreciate the flexible payment scheme (to limit our initial cash outflow and go to market faster) conceived by TCS that helped us immensely. Above all, well timed scheduled releases aligned with our business plans have created an excellent environment for company growth.”

“At TCS Financial Solutions we realise that maintenance costs and business performance are key issues for insurers and that profitability stems from IT leadership, outstanding customer service and the ability to respond swiftly to changing market conditions,” said N. Ganapathy Subramaniam, President, TCS Financial Solutions. “Our experienced team is proud to assist Pannonia Insurance to integrate TCS BαNCS Insurance policy administration system in a timely and cost-effective manner.”