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success story

CIG Pannonia Launches Greenfield Operations

TCS BaNCS for Insurance helps CIG Pannonia rapidly roll out unit-linked products

 
Client
CIG Kozep-Europai Biztosito Zrt. (Pannonia Insurance)
Industries
Insurance
Service
Insurance

Challenge

Pannonia needed to gain a stronger foothold in the European life insurance market.

Established players in the European life and pension insurance space typically leverage alliances to increase customer outreach and market share. In order to gain a competitive edge, Pannonia Insurance, a new entrant, needed to reimagine business processes underpinning its unit-linked offerings, while expanding life and non-life product portfolio. Reducing time-to-market and establishing itself as a pan-European business were critical in this regard, and could only be achieved with a flexible IT platform at the core. Pannonia Insurance selected TCS BaNCS as its technology partner recognizing the popularity of TCS BaNCS for Insurance – a highly customizable, secure, and scalable solution. 

Solution

TCS BaNCS for Insurance enables Pannonia to expand its product portfolio, quickly.

TCS BaNCS configured its insurance solution for Pannonia Insurance and deployed four-unit linked products along with the required connectors and interfaces to existing applications for payments, accounting, financial reporting, printing, and other aspects of the processing workflow. 

“The insurance solution from TCS BaNCS is an outstanding policy administration solution.” - CIG Kozep-Europai Biztosito Zrt

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Benefits

Pannonia Insurance realizes its vision of being a pan-European insurance player.

With TCS BaNCS for Insurance, Pannonia Insurance has been able to drive multifold growth by:

  • Streamlining business operations through a feature rich platform with an externalized rules engine

  • Setting up efficient and integrated processes

Ensuring rapid launch of new products to market

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