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Allianz Global Corporate and Specialty Reduces Financial Closing Time by 50%
Sinéad Browne, Global COO, & Allan Warsing, Head of Global Technology Services, AGCS Germany, talk about how TCS led collaboration helped them to reduce the time taken in financial closing by 50% & deploy a global policy administration in 15 countries.
Allan Warsing talks about TCS’ long standing commitment to AGCS which initially began due to TCS’ extensive expertise in the Insurance Industry. He says,” We selected TCS as one of our main strategic partners due to their breadth of industry experience, particularly in insurance.” Highlighting on AGCS’ partner selection criteria, according to Sinéad, TCS’ vast experience in executing IT projects of diverse nature is impressive. She says ” Part of the selection criteria included choosing a provider that had global reach, choosing a provider that had broad knowledge of the insurance industry, and finally a provider that is highly experienced in diverse(d) IT solutions.”
Elaborating on TCS’ role in the partnership, Sinéad talks about how TCS is involved at each and every level within the IT organization of AGCS. There are open and transparent discussion between the teams, leading to knowledge transfer of cutting-edge technologies. According to Allan, the best part about the entire partnership is working with TCS people. TCS brings an incredible level of expertise and commitment and transparency to the job for AGCS.
AGCS was facing challenges with its financial closing time as its legacy systems and data processing was very complex. With the help of TCS, AGCS was able to reduce the time taken for financial closing by 50% to just 5 days. The partnership has also led to a roll out of a global policy administration system which they call as “Global Genius” internally. Sinéad says, “Together with TCS, we have taken this system into 15 countries, and over 90% of our premium will be booked on this administration system by the end of this year.”
For AGCS, TCS has evolved from just being a maintenance partner now to being a delivery partner for new technologies and projects.
