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TCS Bancs | Life, Annuity and Pensions

 

Managing uncertainty has always been a key challenge for insurers. This has never been more important than in recent times when stability has eluded insurers. To remain relevant today and tomorrow, a large number of insurers understand that business priorities for life, annuity and pensions business should change. There is pressure to innovate and bring products  create competitive advantage while keeping costs down.

Life, Annuity and Pensions solution from TCS BaNCS is a modern, flexible and scalable end-to-end policy administration solution that enables rapid product rollouts, reduces overall cost, enhances operational efficiency, and drives market responsiveness. It is a complete insurance solution suite, supporting a range of functionalities including customer management, product definition, new business, underwriting, quote, policy administration, payouts, insurance accounting, and reinsurance, among others.

Widely recognized as an industry-leading product, it is built on a modern, web-based platform with a parameter-driven and component-based architecture. It provides flexibility for product definition, business rules, and workflows to meet specific business needs. The solution easily integrates with insurers’ existing systems as well as insurers’ business partners by leveraging SOA-enabled n-tier architecture.

With digital capabilities such as mobility, portal and data analytics, the solution provides the insurers with the capability for not only today’s market place but also for the future.

Based on Service Oriented Architecture, this solution is available as a standalone, holistic product suite or as individual components such as policy administration, claims management, among others.

Life, Annuity and Pensions solution is a true transformation enabler with more than 6.5 million life and pensions closed books policies migrated onto TCS BaNCS successfully.

This solution provides a viable alternative to insurers’ problems of policy administration replacement and legacy modernization.

Additionally, as with all TCS BaNCS for Insurance solutions, Life, Annuity and Pensions offers insurers speed-to-market, enhanced customer experience, improved operational efficiency, enhanced service delivery and digital capabilities.

To know more about this solution, download the Life, Annuity and Pensions brochure or write to us at tcs.bancs@tcs.com.