Workers’ compensation plays an important role in the modern economy, both as a lifeline for working families and also as a protection for business growth. Workers’ compensation accounts for a considerable share of net written premium in the insurance business, and it continues to grow along with global industrialization. However, over the past few years, the medical severity of claims has risen at over twice the rate as the medical consumer price index, and the cost of managing indemnity claims continues to accelerate.
For insurers, effectiveness stems from flexibility to respond to market needs, automation and efficiency of key business processes and unsurpassed customer service. TCS BaNCS insurance is a complete end-to-end solution that enhances the basic business of insurance, supports insurers of different sizes and complexities across the globe.
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. The solution can be customized to meet the specific business needs of any insurance service provider, whether an insurer, broker or agent. On the back end, the solution easily connects to other insurance applications or TCS BaNCS offerings, across multiple platforms and networks. The solution is platform independent.