Nedgroup Insurance, South Africa, selects TCS BaNCS Insurance for policy administration
Mumbai, February 28, 2012: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that its universal financial services platform, TCS BaNCS, has been selected by Nedgroup Insurance Company Ltd., (NedIC) a short-term insurer specializing in homeowner's cover, personal accident and vehicle-related, value-added insurance products.
TCS BaNCS Insurance, a part of the TCS BaNCS universal financial services platform, will serve as the new policy administration system for NedIC’s short-term insurance services. TCS BaNCS serves the top banks in Africa through its banking and capital markets suite of solutions; this will be TCS BaNCS’ first insurance customer in Africa. TCS BaNCS end-to-end functionalities, including the entire gamut of quotation to claims, in addition to accounting and re-insurance, among other complementary functionalities will go a long way in helping NedIC deploy the solution in rapid time and deliver to customer expectations.
Anees Vazeer, Managing Director, NedIC, said, “NedIC’s long-term strategy is to be the short-term insurance company known for its superior customer service in South Africa. To achieve this, we needed a solution that was cutting-edge, flexible and capable of integrating with Nedbank’s existing banking systems. TCS BaNCS was selected for its superior IT strategy and vision, both in South Africa and internationally, and its strong and focused product direction, advanced functionality and architecture. More importantly, an error-free track record in implementation and product support stood out as key differentiators.”
NG Subramaniam, President, TCS Financial Solutions, said, “The world over, there is a renewed focus on insurance applications that will configure and launch products rapidly. We are delighted to partner with Nedgroup Insurance on this core system transformation program. This further extends our relationship with them and reinforces our commitment to the African region.”
Indranil Bandopadhyay, Head - Business Solutions, Nedgroup Insurance, said,” We are delighted to sign up with TCS BaNCS for our insurance solutions in South Africa. We were looking for a solution that was comprehensive in functionality alongside the capability of offering a quick time to market. With this solution we will, through a transformational approach, strengthen our solutions, processes and technology and move from a product to a customer-service orientation, a critical requirement in today’s dynamic environment.”
About Nedbank Group
The Nedbank Group provides a wide range of wholesale and retail banking services and a growing insurance, asset management and wealth management offering through five main business clusters, namely Nedbank Capital, Nedbank Corporate, Nedbank Business Banking, Nedbank Retail and Nedbank Wealth. NedIC is the short term insurance company within Nedbank Wealth. NedIC’s primary business is Home Owners Cover (HOC) insurance over private properties and also specializes in personal accident and vehicle-related value-added insurance products.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 260 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 277,000 of the world’s best-trained consultants in 44 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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