By Suresh Muthuswami, President and Global Head — Banking, Financial Services and Insurance Platforms, Tata Consultancy Services
Providing a better, more consistent, and customized experience to customers is a top priority for insurance companies. However, many insurers are saddled with cumbersome legacy infrastructures, and struggle with lengthy and inefficient processes for product launches, service requests, and regulatory fixes. With multiple policy administration systems for different lines of business, they are held back by complex operating environments, redundant processes, and inefficient product development cycles that limit the speed and extent of practical innovation.
The result is stagnant sales, indifferent customers, and increasing threats from global technology companies and Insuretech competitors offering personalized, frictionless, real-time digital experiences.
Business 4.0 in Insurance
TCS’ strategy for enabling all established organizations to move forward with digital transformation is centered on an integrated, modern BFSI platform that enables insurers and other financial services companies to drive sustainable growth through superior customer experiences.
New customer experiences are revolutionizing the insurance value proposition for policyholders. For example, customers can assemble custom policies that draw benefits from different kinds of insurance offerings and define customizable terms that meet their specific needs. (For specific examples of how insurance companies are reinventing the customer experience with these capabilities, read our case studies on Nedbank, page 20, and Old Mutual, page 24 in our Newsletter )
These are tangible, insurance-specific implementations of what TCS calls Business 4.0 (see page 2 of our Newsletter) – the digital transformation of a business to achieve excellence in customer experience.
Business 4.0 customer experiences are intelligent, agile, automated, and on the cloud. These customer experiences have become central to the digital economy, shaping business strategies throughout the insurance industry. To deliver on these strategies, insurers will need a digital platform that extends insurance products and services in new ways, powered by an integrated digital core. What excites our clients is that we are building digital capability on top of a simple core – redefining what a policy administration system is.
Among its digital capabilities, TCS’ life and pensions Platform will offer contact center/contact management, electronic customer communications, and data reporting/analytics capabilities. APIs – TCS’ digital experience layer – will be exposed, which will enable insurers to integrate the Platform with any software of their choice. This is a powerful, faster, and much cleaner solution for addressing insurers’ customer experience and user experience challenges.
For insurance companies partnering with TCS, the modern, digital, cloud-based core will be TCS BaNCS for Insurance, which already is being used to administer more than 17 million policies worldwide. In this special Insurance issue of the TCS BaNCS Customer Newsletter, we explore how TCS’ BFSI Platform will help insurers on their digital journeys to Business 4.0, and highlight several insurers consolidating onto TCS BaNCS.