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Success Story

Takaful Transforms Insurance Operations

Integrated platform from TCS BaNCS helps Takaful International improve service delivery 

 
Client
Takaful International Co. BSC
Industries
Insurance
Service
Insurance

Challenge

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.

Solution

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

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Benefits

Takaful International achieves 50% growth while improving customer service

By leveraging TCS BaNCS’ customized insurance solution suite, Takaful International was able to:

  • Shorten time-to-market for new products
  • Increase speed of distribution and eliminate manual error to improve operational efficiency
  • Improve the quality of underwriting, enhanced reporting, and enabled better decision-making
  • Augment analytical competency and keep a close tab on branch operations

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