TCS BaNCS enables LIC International to automate processes across Gulf Cooperation Council (GCC)
Implementation to offer superior customer service & faster time to market
Mumbai, April 20, 2010: Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), announced today the successful deployment of its insurance product TCS BaNCS at the Life Insurance Corporation (International) B.S.C. (c). Part of the TCS BaNCS universal financial platform, this solution was deployed across LIC (International)’s operations in five countries in the Gulf Council.
LIC (International) is one of the largest Insurance companies in the GCC in sales volumes. By becoming operational with the TCS BaNCS insurance product suite, LIC (International) is now able to manage all of its operations in the Middle East on a single, centralized platform through efficient processes, transactions and improved customer service.
R. Thamodharan, CEO & MD, LIC (International), said, “A key criterion for insurance companies in the region is to develop wide coverage alongside a range of insurance functionality, while drilling down deep into each service or product to create an end-to-end solution for superior customer service. With TCS BaNCS Insurance’s comprehensive functional and technological breadth and depth, we will be able to achieve this objective without any difficulty.”
Pradipta Pandit, Product Head, Insurance, TCS BaNCS said, “The TCS BaNCS solution will help LIC (International) bring innovative and new solutions to the market more rapidly while giving them a consolidated view of all processes across their operations in the GCC. We congratulate LIC (International) on this achievement, and reiterate our commitment to playing the role of a trusted, technology partner to our clients in this region.”
This deployment stands out for the way in which the TCS BaNCS solution integrates all operations of LIC (International) across the GCC on a single platform for traditional as well as unit linked businesses. The TCS BaNCS solution provides LIC (International) with increased operational control, process efficiencies, superior customer service capabilities and rapid time to market. By deploying common insurance processes across all countries in the GCC without compromising on local requirements such as currency, for instance, and driving all validations, calculations and processing sequences centrally, the solution presents LIC (International) with greater influence in the region. With a fully automated solution, LIC (International)’s operations are now more efficient, resulting in higher throughput, while customers can benefit from improved service levels. The solution’s unique ability to create and modify products using the Product designer workbench component helps LIC (International) to introduce new products to the market rapidly.
About TCS Financial Solutions
TCS Financial Solutions (TCSFS) is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best of breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 240 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, please visit www.tcs.com/bancs.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model, recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 160,000 of the world's best trained IT consultants in 42 countries. The Company generated consolidated revenues of over US $6.3 billion for fiscal year ended 31 March 2010 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
TCS Financial Solutions Media Contacts
Phone: + 1732 331 3084
Phone: +61 0(2) 9318 1088
Phone: +41 44 832 1004
Middle East, Africa and India
Phone: + 91 22 6778 9422
Phone: + 91 22 6778 9077