Tata Consultancy Services deploys TCS BaNCS solution for Zurich DIFC

Zurich Insurance Company DIFC, a global insurance provider, has implemented TCS BaNCS Insurance for Property and Casualty, a cutting-edge solution offered by Tata Consultancy Services (TCS).

This deployment marks a transformative milestone for Zurich DIFC (Zurich Insurance Company Dubai International Financial Center), enabling them to streamline their business processes and unlock a multitude of operational benefits.

Zurich DIFC sought a solution that would automate key business processes, expedite claim settlement, and ensure data consistency. After careful evaluation, the organization selected TCS BaNCS due to its robust functional capabilities, which would drive growth and facilitate their overall digital transformation strategy.

Khaled AlRayes — Zurich DIFC Head of Operations and Technical Underwriting said: “Since the launch of TCS BaNCS at Zurich DIFC, we are already experiencing measurable financial and operational benefits from the platform’s ease of product configuration and maintenance, as well as its functional comprehensiveness with respect to business requirements, including audit and regulatory compliance.”

TCS BaNCS Insurance revolutionizes Zurich DIFC’s property and casualty operations. Photo courtesy of Rameshng/Wikipedia.org.

TCS BaNCS for Property and Casualty is a comprehensive suite of insurance solutions designed to efficiently manage intricate contracts and complex calculations, all while maintaining regulatory compliance and ensuring auditability. Leveraging its parameter-driven component-based architecture, Zurich DIFC can now flexibly configure and customize the solution, allowing for the swift introduction of new products into the market.

The solution covers the entire value chain of property and casualty insurance, encompassing critical aspects such as product management, underwriting, policy servicing, claims operations management, reinsurance, and insurance accounting. Demonstrating a Digital First and Cloud First approach, TCS BaNCS also offers supplementary features like mobility, portal access, and advanced data analytics capabilities.

Thanks to the seamless integration of the securely-hosted solution into Zurich DIFC’s existing application landscape, the organization has witnessed significant improvements in its workflow-driven business processes.

The solution’s high level of straight-through processing has considerably expedited the claims settlement process, leading to enhanced customer experiences. Furthermore, the automation of accounting and reporting tasks has empowered Zurich DIFC to achieve faster quarter-end accounting closure, thereby enabling more efficient financial operations.

Tata Consultancy Services’ collaboration with Zurich DIFC represents yet another successful implementation of their advanced insurance solution, solidifying their position as a leading provider of transformative technology in the insurance industry. The partnership between Tata Consultancy Services and Zurich DIFC is poised to drive sustained growth and innovation, elevating the operational capabilities of the latter to new heights.

Vivekanand Ramgopal — Tata Consultancy Services President of BFSI Products and Platforms said: “The rich functionality of TCS BaNCS and its Digital First, Cloud First architecture have made it a catalyst for innovation, growth, and customer satisfaction globally; and now at Zurich DIFC.

“We are pleased to see the measurable business value that our solution is generating for them and look forward to partnering them in their future growth and transformation initiatives.”