Bahrain’s SNIC Insurance selects TCS BaNCS for growth and competitive advantage
Robust core platform to support multiple lines of business, speed new product launches and elevate customer service
MUMBAI, August 10, 2018: Tata Consultancy Services (TCS) (BSE: 532540, NSE:TCS), a leading IT services, consulting and business solutions organization, announced that Bahrain-based SNIC Insurance (formerly known as Saudi National Insurance Company) has selected TCS BaNCS for Insurance to support its ambitious digital transformation strategy in order to establish a unique leadership position in the market.
TCS BaNCS will power SNIC’s strategy and enable competitive advantage by supporting General and Medical Insurance, Financials and Business Intelligence. By leveraging this core platform, the company will be able to harmonize several existing product lines as well as roll out new products faster. As part of this mission-critical transformation, SNIC Insurance plans to replace the existing core Policy Administration System (PAS) with a new comprehensive solution that can not only support existing operations but also power future growth aspirations.
Outlining the vision and rationale for this platform replacement, Khalid Al Shaikh, General Manager of SNIC, said, “Our mantra is to go the second mile in customer service – to go beyond their demands – and deliver a truly great experience. We want to stand out in the crowded marketplace with an agile platform that allows us high-velocity responsiveness as well as the ability to anticipate change. The only way we can distinguish ourselves and grow our franchise is through unparalleled customer experience, quick product delivery and innovation. We have selected TCS BaNCS for Insurance as it is an out-of-the-box solution that meets all our needs and enables us to differentiate ourselves in the market.”
"We are excited to participate in this key transformation in Bahrain which powers SNIC to the next level of growth. Our implementation of TCS BaNCS will not only cater to their present requirements, but also their future needs across their General and Life insurance business lines on a single platform with a unified customer experience," said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. ”TCS BaNCS, with its superior architecture and comprehensive functionality, has become the preferred core platform for forward-thinking insurance companies looking to build competitive differentiation through greater agility, product innovation and outstanding customer experience.”
About SNIC Insurance
SNIC Insurance, formerly known as Saudi National Insurance Company, have been protecting individuals and businesses with quality insurance coverage and strong commitment to service excellence since 1974. The Company was licensed by Central Bank of Bahrain as Bahraini registered Company in 2006 with a paid-up capital of 10 million Bahraini dinars. In light with the rapidly evolving insurance industry in the Middle East, a strategic transfer of activities to Bahrain was implemented in 2010 and formed Wataniya Insurance Company, an associate company based in the Kingdom of Saudi Arabia. In the 3rd quarter of 2010, Wataniya Insurance Company was fully licensed and registered in the Kingdom of Saudi Arabia managing SNIC previous portfolio in KSA through its Head office in Jeddah and branches located in Riyadh and Khobar. The Company maintains a credit rating of B+ GOOD since 2010 and an issuer rating of (BBB-) as assigned by A. M. Best. The Company is owned by reputed Shareholders i.e. E. A. Juffali & Brothers, Munich Reinsurance Company and Zurich Insurance Company.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: https://www.tcs.com/bancs
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 394,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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