TCS BaNCS for Insurance to Integrate ISO Electronic Rating Content
Expanded solution to cut costs for insurers
Mumbai, November 19, 2013: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting, and business solutions firm announced, today, that TCS BaNCS for Insurance has expanded its support for personal and commercial lines of business through its proposed integration of ISO Electronic Rating Content — such as automated updates to loss costs, rules and policy form attachment logic — into the TCS BaNCS rating engine. This feature eliminates the earlier practice of manually entering the loss costs and interpreting rating rules, which is both time consuming and error prone.
“TCS understood the value of ISO Electronic Rating Content and wanted to ensure that their customers would benefit,” said Kevin Thompson, President, ISO Insurance Programs and Analytic Services. “We are pleased to welcome them as an ISO Electronic Rating Content associate.”
Commenting on this product’s new addition, Mike Fitzgerald, Senior Insurance Analyst, Celent, said, “Taking cost out the insurance process is a continuing challenge for carriers. A successful integration with ERC reduces effort and improves quality.”
Vijaya Deepti, Head, Insurance Solutions, TCS Financial Solutions, said, “We are continuously looking for opportunities to enhance speed-to-market with new product implementations and lowering costs of maintenance. As a result of this association, carriers will be able to quickly go live with new product definitions, and there will be a large reduction in the amount of redundant activity that carriers have to perform, which, in turn, will reap significant savings in costs and boosts in efficiencies.”
ISO is a leading supplier of statistical, actuarial, underwriting and claims information to the property/casualty insurance industry and a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). TCS BaNCS flexible Product Workbench and Rules Engine, built over a metadata-based model, will provide automated tools to directly upload the electronic rating content from ISO. In addition, new products launches will be possible via the implementation-level details ISO has defined for premium calculations, forms attachment logic, statistical code assignment and validation messages.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information, visit www.iso.com and www.verisk.com.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of TCS. 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 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, 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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