TCS powers launch of AIB life in Ireland with digital-first platform
Tata Consultancy Services (TCS) has successfully facilitated the launch of AIB life, a new joint venture between Allied Irish Banks plc and Great-West Lifeco, in Ireland.
The Indian technology giant has created a future-ready, digitally-enabled platform that aligns with AIB life’s mission to assist people in achieving financial security.
Tata Consultancy Services has been chosen as the key partner in building a digital-first, comprehensive life company for the Irish market. TCS BaNCS, Tata Consultancy Services’ flagship insurance platform, forms the central part of a newly created, modern, cloud-based technology stack. This innovative platform allows AIB’s 3.2 million customers to access financial advice and an array of integrated AIB life protection, pensions, and investment products through the AIB mobile banking app, over the phone, or in their branch.
AIB life leverages TCS technology for digital transformation in Ireland. Photo courtesy of Rameshng/Wikipedia.org.
The solution integrates seamlessly with AIB’s nationwide network of 120 financial advisors. TCS BaNCS’ versatility and superior functionality will allow AIB life to introduce unique products and services. Moreover, the entire solution is cloud-based and has a digital-first design, providing APIs for easy integration with partners to co-create new offerings.
Apart from developing and implementing the enabling technology stack, Tata Consultancy Services will also offer IT, customer, and claims handling services for AIB life, adopting a managed insurance services model. All policy administration services will be delivered from the TCS Global Delivery Centre in Letterkenny, Co. Donegal.
Vivekanand Ramgopal, President, BFSI Products and Platforms, Tata Consultancy Services, emphasized how TCS BaNCS’ digital capabilities and configurability will aid AIB life in setting itself apart in the Irish market. Jacquie Doyle, COO, AIB life, acknowledged the partnership with TCS in building and operating a digital infrastructure to facilitate effective financial planning for customers.
As one of the world’s largest providers of services and solutions to the financial services industry, Tata Consultancy Services leverages its deep domain expertise, knowledge of global regulatory norms, and risk management guidelines to help customers enhance their agility and competitiveness.