TCS BaNCS to drive Digital Strategy for Insurance Carriers
ISO ERC Associate, Data Analytics, and emerging technologies to lead the way
IASA 2014, Indianapolis, IN / Mumbai, June 9, 2014: Tata Consultancy Services (BSE: 532540, NSE: TCS),
a leading IT services, consulting and business solutions firm announced today at Insurance industry's marquee event IASA 2014 that TCS BaNCS for Insurance will enable Carriers to leapfrog the digital divide through Analytics and by leveraging ISO Electronic Rating ContentTM (ERC) information. TCS BaNCS’ superior, holistic suite of insurance solutions encompasses a transformational digital strategy that builds on Data Analytics, Mobility, Portal and Social Media.
TCS BaNCS has integrated ISO ERC and offers a richly functional core platform that not only helps carriers serve today's customers better but also embrace customer's changing aspirations and needs of the future. Commenting on the ISO ERC integration, Mike Fitzgerald, Insurance Analyst at Celent said, "TCS has demonstrated significant commitment to enable cost reduction and save precious time for Carriers through ERC integration. The anticipated shifts in the industry will compel significant changes by all players and it is an opportunity especially for technology players to make a difference".
Vijaya Deepti – VP of TCS said, "The key to digital re-engineering is to embrace the entire enterprise, not just jump on an ad-hoc opportunity. TCS BaNCS is built on that promise of enterprise-wide transformation where a carrier can take a quantum leap from the Legacy age into the New age business environment. Our value proposition stems from a deep understanding of global innovation and a proven track record of customer success.
Commenting on Tata Consultancy Services’ membership in the ISO Electronic Rating ContentTM Associate Program, Nancy Gosline, Director, ISO Rating Solutions, said, “We’re pleased to welcome Tata Consultancy Services as an ISO Electronic Rating Content associate. With ISO ERC, TCS BaNCS for Insurance can offer its customers a new way to access and manage ISO content.”
As an ISO ERC Integration associate, TCS integrates ISO loss costs, rules, rating information and policy form attachment logic into the TCS BaNCS rating engine and Policy Administration System. In line with the TCS digital strategy, the ISO ERC integration provides the possibility of utilizing ISO rating information and changes as input into automated rate comparisons, predictive modeling and other advanced analytical methodologies. As part of the product roadmap, TCS BaNCS has also expanded its capability to drive transformation leveraging Big Data and Analytics, Mobility, Social Media and Portal.
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 280 institutions operating in over 80 countries, TCS Financial Solutions delivers 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, BPS, 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 290,000 of the world’s best-trained consultants in 46 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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