Recently recognized trends in demographics and resulting regulations have necessitated a renewed focus on product innovation by the life and pensions providers. Previous generations of insurance systems lack the agility necessary to support the intensifying market demands. Many insurers struggle with multiple systems across lines of business and/or functions that can only be integrated with great effort and extensive programming.In recent times, market demand has joined the other key drivers of change - time to market, cost control and distribution. To thrive, insurance carriers must be more efficient than their competition, highly attuned to changing consumer behavior and agile in response to regulatory changes.
TCS BaNCS Insurance provides a complete end-to-end solution for the life & pensions business, supporting unit linked and traditional products, sales channels, and lifecycle functionalities, including customer management, product definition, policy servicing, claims management, insurance accounting and more.
TCS BaNCS insurance offers functionally rich, flexible and user friendly support for insurance operations. The solution operates through an easy to use web based interface supporting global organizations with multiple languages and currencies through multiple service channels. The solution can be easily customized to meet the specific business needs of any insurance service provider.
TCS BaNCS insurance supports insurers of different sizes and complexities across the globe, and it has been used in single product platform scenarios as well as a consolidation platform for multiple products and lines of business.