Policy Administration Services

In a highly competitive market, insurers continue to combat waning customer loyalty and increasing attrition. Low customer satisfaction, which affects service quality and turnaround time, is caused by disparate processes, low adoption of automation, and continued dependency on legacy systems. Insurers can address these challenges by improving policy administration efficiency.

TCS’ Policy Administration Services provides insurers with faster and more accurate services to meet customers’ growing demands. Our technology and simplification methodology streamlines policy administration processes, enhancing customer loyalty. We also help consolidate your global operations and optimize operational costs.

The TCS Advantage

ValueBPS: Our ValueBPS approach helps enterprises achieve significant and sustained business outcomes by leveraging our deep domain expertise and operations redesign methodologies such as FORE™. Our approach also encompasses robotic process automation (RPA), analytics and insights, our unique IT-BPS synergy, Business Process as a Service (BPaaS) models, and business process management (BPM).

Industry Domain Expertise: We offer deep domain expertise in Policy Administration Services across property and casualty insurance, life and annuity, and retirement services.

BPaaS/Platforms: TCS BαNCS is an end to end suite of solutions for banks, capital market firms, insurance companies, and diversified financial institutions. Each solution in the TCS BαNCS family is scalable and robust, and fully integrates with existing business models, enterprise infrastructure, and technology architecture.

Solutions We Offer

Our Policy Administration Services across Property and Casualty Insurance, Life and Annuity Insurance and Retirement Services include:

  • Policy Holder Benefits
  • Policy Maintenance
  • Cancel/Rewrite
  • Policy Renewal

Benefits

Key benefits we deliver include:

  • Improved policy administration efficiency by reducing up to 25% of not-in-good-order (NIGO) applications
  • 10% year-on-year cost reduction by providing a mature and effective pricing model

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