In today's rapidly changing business environment, with disruptive technologies and disintermediation threats from insurtech start-ups, reinsurance market is characterized by instability. To stay ahead, IT solutions are expected to be well equipped to address operational challenges involved in risk classification and accumulation, quicker recovery of delinquencies, and the maintenance of cash flows.
. The solution protects reinsurers’ portfolio from catastrophic exposures and random fluctuations, while maintaining a healthy loss ratio. Its parameter-driven solution can establish and update business processes, eliminating hassles of complicated and time-consuming methods.
TCS BaNCS for Reinsurance, offers functionally-rich, flexible and user-friendly support for insurance operations. The solution is operated through an easy-to-use web-based interface, supporting multiple languages and currencies, and is customizable to suit specific business needs. It automates key business processes within a workflow, enables a seamless transition to a paperless office, reduces billing and collection cycle times, and enables superior customer service.
- Speed and flexibility
- Complete functional coverage
- Automation of key business processes
- Enhanced operational efficiency
- Reduced manual processes