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Property and Casualty

 

Today’s policy holders and producers are demanding timely quotes, rapid policy issuance, and transparent claims processing. The Property & Casualty industry is responding by re-inventing the traditional way business is done. Existing processes are being streamlined and innovation is driving new ways to reduce costs in order to remain competitive while retaining existing customers - all of this achieved while increasing underwriting profitability. 

TCS’ insurance technology and business experts help organizations solve the complex challenges facing the Property & Casualty industry. Working with TCS, organizations streamline their core processes while reducing costs and increasing focus on customer acquisition and retention. We leverage our analytics skill and industry knowledge to increase underwriting profitability and improve production from multiple distribution channels.

client challenges 

  • Acquiring and retaining customers
  • Improving underwriting profitability
  • Meeting the needs of a new generation of customers
  • Streamlining core operations via ITO and BPO transformation
  • Leveraging IT spends to maximize business benefits
  • Accelerating new product development and launch times
  • Increasing sales force productivity and quote conversion ratio
  • Improving and acting upon fraud detection 

what tCS provides

With more than three decades of insurance expertise and global operations that serve the top P&C insurers around the world, TCS is viewed as a leader in providing state-of-the-art services to the industry. Our history of success with application portfolio and process flow transformation, along with repeated implementations of customer-facing, distribution and underwriting technology, allows us to offer comprehensive solutions to the most vexing P&C challenges across all lines— Personal, Commercial, Workers Compensation and Specialty. Our insurance innovation solutions and services include the following:

  • Improving time-to-market
  • Legacy modernization
  • Claims transformation
  • Policy administration transformation
  • Application and platform rationalization
  • Enabling efficiency in new business acquisition
  • Multi channel distribution management solution
  • Package evaluation of insurance products
  • Insurance business intelligence solutions
  • Insurance CRM solutions
  • Simplifying business process management
  • Underwriting optimization
  • Web and mobile solutions
  • Fraud detection and analytics
  • Predictive analytics

business value  

We work with you to improve efficiency, reduce costs, raise customer satisfaction and strengthen partnerships. Partner with TCS to achieve the following:

  • A seven-point reduction in expense-to-revenue ratios
  • A 50% reduction in product development time
  • A 10% increase in actionable fraud detection
  • Smartphone applications that enable customer interactivity across a diverse range of financial services
  • A 15% increase in target customer acquisition rate
  • Better predictive capabilities to aid cross-selling
  • Policy admininistration transformation by reducing 350 systems to 30
  • A $14m annual reduction in claims indemnity costs
  • Legacy migration of a 30+ year old policy administration system with six million lines of code to a three-tier, web-based system 

White Papers

Predictive Analytics in Property and Casualty Insurance

In this white paper, we provide an overview of predictive analytics and present some drivers of its growth, its uses in the property and casualty insurance industry and the advantages for those who use it.

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Client Testimonials

Aviva improves productivity with TCS’ Oracle expertise

Learn how TCS, using its Oracle expertise, delivered value-added services and provided end-to-end implementation and support, which in turn generated cost savings for its maintenance and reduced the company’s timelines for monthly financial reporting.

More Client Testimonials