TCS deploys TCS BaNCS Cloud for Insurance for Standard Bank Insurance

Tata Consultancy Services (TCS) said that Standard Bank has selected TCS BaNCS Cloud for Insurance solution for Standard Insurance Limited, its short-term insurance business in South Africa, in order to power its digital claims transformation.

To be delivered on a SaaS model on Amazon Web Services (AWS) Cloud, TCS BaNCS Cloud for Insurance will help the insurance business harmonize over 60 products spanning across four claims administration platforms. This will facilitate quicker and accurate claims processing, said TCS.

According to the Indian IT services provider, its cloud solution will also integrate with 16 different downstream applications, which include the enterprise GL system, CRM, payment gateway, business intelligence solutions, and other peripheral systems identified in the technology roadmap of Standard Bank Insurance.

TCS deploys TCS BaNCS Cloud for Insurance for Standard Bank Insurance. Photo courtesy of shi zhao/Wikimedia Commons.

TCS BaNCS Cloud for Insurance is said to be combined with a cloud-first approach, a faster claims processing engine, and high configurability. It is expected to help Standard Bank Insurance boost operational efficiency and optimize claims management.

Furthermore, TCS BaNCS APIs will help the insurance business to easily connect to ancillary systems and offer customized experiences to their customers.

Apart from that, the analytics and data-driven insights tool of TCS will help in reducing customer churn and accelerate decision-making related to claims settlements.

Dr Nolwandle Mqoqi — Standard Bank South Africa Head of Insurance said: “Customer satisfaction and loyalty are of utmost importance to us and with TCS BaNCS Cloud for Insurance’s SaaS-based solution, we expect to vastly improve policy holder claims experiences, deliver superior performance in a secure environment and benefit from the scale that a highly configurable solution offers.

“We have been a leading cloud adopter in the region and selecting TCS BaNCS Cloud as one of the partners is the next step in this journey. Availing TCS’ analytics tool for intelligent insights, we will approach product innovation differently, take advantage of new opportunities and deliver differentiated customer experiences.”

TCS BaNCS Cloud for Insurance has been designed to be an end-to-end rules-driven core insurance platform with capabilities spanning across underwriting, claim processing, customer policy servicing, co-insurance, finance, reporting and branch operations in health and life and property and casualty insurance businesses.

R Vivekanand — Co-Head of TCS Financial Solutions said: “TCS cherishes the over 20-year relationship with the Standard Bank Group and our long-standing commitment to the South African financial services industry. We are pleased to be selected as the strategic partner to the company for this engagement.

“TCS BaNCS Cloud for Insurance will help Standard Bank’s short-term insurance enhance customer experience, reduce operational risk, improve claims efficiencies, and take advantage of emerging opportunities by seamlessly collaborating with an extended innovation ecosystem of insurtechs. This claims transformation sets up Standard Bank well for its next leg of thought leadership and client-centered delivery in the South African market.”