The life insurance industry continues to face cost-pressures from a slowly recovering global economy. Life insurers must find operational efficiencies while ensuring both regulatory compliance and managing customer expectations. Consumerization is driving shifts in products, channels and processes at leading life insurers.
In addition, the focus to increase efficiency in closed books management and legacy systems administration continues as is, overcoming the challenges of soft underwriting conditions. Amidst all this, insurers want to shift to data-driven decision making and create new opportunities through a revitalized distribution channel strategy.
The TCS Advantage
With over 12.5 million policies and 70,000+ plans serviced to suit different needs, TCS partners with the top 20 life, annuities and pension carriers with its full-services portfolio. Our offerings virtually cover every aspect of the life, annuities and pensions value chain.
what TCS provides
Our offerings in the life insurance, annuities and pensions space include the following:
|Products Portfolio Serviced
||Full Services Spectrum
|Individual Plans(e.g. Annuities)
||Domain led Consulting Services
||Plan Mgmt/ Plan Sponsor & Agency Servicing |
||IT ADM & Managed Services
||Enrolments & Servicing |
|Government/ State Sponsored Plans
||BPO & TPA Services
||Contributions Processing |
|Private Pensions (e.g. IRAs)
||Infrastructure Management & Cloud Solutions
||Distributions Processing |
||Insurance Platform(TCS BaNCS)
||Assets Management |
||Emerging & Mobile Technology Solutions
||Enterprise Services & Regulatory Reporting |
TCS’ Full-services Portfolio:
We help you improve efficiency, reduce costs, enhance customer satisfaction and strengthen partnerships. Overcoming the challenges of soft underwriting conditions, we help you increase efficiency in closed books management and legacy systems administration.
Our engagements have helped many customers achieve substantial business benefits.
- We managed five million policies in the reducing variable per policy model, of which 3.9 million policies were migrated to the TCS BaNCS platform.
- We enabled a single customer view and self-service implementation for a European insurer with over four million customers.
- We achieved a 50% reduction in new business cycle times and improved customer satisfaction using TCS’ Business Process Time Modeling.
- We used a self-funded model to simplify the general insurance landscape for a large UK insurer.
- We delivered a web-based quote and issue system employing agile development methodology, meeting an aggressive schedule of 90 days.
- Redesigned a redesigned financial services website, which resulted in a increase in registrations by 42%.
Read some examples of the business results delivered by TCS.