TCS BaNCS™ for Insurance
End-to-end digital insurance administration system
Solution
TCS BaNCS™
TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Reduce the Risks of Digital Transformation
Insurers and pension providers seek digital transformation at reduced risk to speed up time-to-market and participate in financial ecosystems. They need scalability to manage evolving business needs and to future-proof their organizations with cloud hosting and microservices. TCS BaNCS solutions help carriers structure and deliver personalised, enriched experiences to their customers via new distribution channels and integration with marketplaces.
Features
Single platform for critical insurance functions
Speed-to-market, product innovation capabilities
Pre-integrated digital support for all constituents
Cloud enables horizontal, vertical scalability
Our Solutions
TCS BaNCS for Insurance, powered by APIs and delivered on the Cloud, provides the flexibility and scalability demanded by insurance and pension companies to address market opportunities and challenges through automated, efficient business processes. Designed for interoperability, TCS BaNCS for Insurance integrates seamlessly into carriers’ operating environments, as well with offerings both within and outside the TCS BaNCS platform ecosystem, across all lines of business.
Residing on a digital core that supports conversational AI to guide and advise customers, TCS BaNCS for Life, Annuity, and Pension helps life insurers, annuities organizations and pension companies expand their businesses and leverage the power of larger, richer ecosystems. TCS offers a rich set of highly secure, granular APIs that cut across the entire insurance and pension value chains. It helps organizations seamlessly exchange data between the core and surrounding third-party systems. This approach of API-based transactions channels rapid product configurations and enhances efficiency through the automation of standardized straight-through processes.
TCS BaNCS™ for Property and Casualty encompasses all facets of property and casualty insurance management. This digital-first platform is equipped to handle the entire insurance value chain, including product management, underwriting, policy servicing, claims operations management, reinsurance, and insurance accounting. Its parameter-driven, component-based architecture ensures flexibility and adaptability, allowing insurers to respond effectively to market dynamics and customer demands.
TCS BaNCS for Health Insurance offers comprehensive solutions, including individual, group, voluntary benefits and more, through both cloud and on-premise platforms, helping payer organizations become agile and intelligent. The solution is parameter-driven, follows a component-based architecture and allows flexible configurations and customizations to meet specific business needs. TCS BaNCS for Health Insurance is enabled with a pre-configured packaging of features and functionalities, and incorporates worldwide best practices in Medical Insurance.
TCS BaNCS for Reinsurance, a globally proven core reinsurance application, offers a single platform to address both common and specific requirements of administering reinsurance for both life insurance and non-life insurance products, using a uniform set of tools. It manages both Outward (Ceded) and Inward (Assumed) Reinsurance operations for primary insurers and reinsurers of any size across markets. It manages the full cycle of reinsurance functions -- starting from defining the treaty to handling policy cession administration, claims recovery processing and reinsurance accounting
The TCS BaNCS Marketplace helps organizations to collaborate, innovate and scale their businesses. Create and showcase solutions by leveraging a rich set of APIs, visible to a wider TCS BaNCS Ecosystem. https://marketplace.tcsbancs.com/
Highlights
In focus
Today’s insurance leaders must offer personalized and secure customer journeys. TCS BaNCS for Insurance enables the agility and speed insurers require.
