Takaful International needed a scalable platform to replace legacy IT infrastructure
Takaful International sought to offer unique Islamic insurance services to the Gulf Co-operation Council (GCC) and the Middle Eastern markets, but was hamstrung by the lack of comprehensive IT support. To address this, the company decided to replace its disparate infrastructure with a scalable and integrated platform that could enable expansion into new product and service lines. The solution had to address all business and functional requirements, including policy administration and financial accounting. It also had to be accessible anywhere, anytime over the web, and even offer customer-facing documents in Arabic. On account of these complexities, Takaful International decided to partner with TCS BaNCS.
TCS BaNCS’ integration capabilities open up new lines of business for Takaful
TCS BaNCS for Insurance catered to Takaful’s core insurance, reinsurance, and accounting operations for commercial, personal property, casualty, and family offerings. The platform was capable of providing end-to-end support on all products, sales, and lifecycle functionalities, including product definition, customer management, claims management, and policy administration. The solution included:
- A simplified and efficient method for introducing new products, allowing the company to realize intended growth
- Migration of operational data from legacy systems accumulated over a ten-year period for over 100,000 policies, 50,000 claims, 120,000 parties, and 10,000 accounting transactions
- Centralized monitoring and control over Takaful International’s business and operational functions while capturing and processing large amounts of data
We were able to reduce our maintenance costs significantly by implementing TCS BaNCS for Insurance.” . Aziz Al-Othman, Deputy General Manager, Takaful International