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Industry
Insurance
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Reinventing the Insurance Industry with a Digital-first Strategy
TCS’ solutions, powered by AI and automation technologies, help leverage partner ecosystems and drive innovation in insurance for business agility and growth.
Related Insights
Learn how our digital-first, cloud-based solution helps life insurers and pension providers achieve efficiency and enrich end-user journeys.
Solution
29 Apr 2025
Backed by blockchain and AI, TCS’ solution automates critical processes such as claims management and underwriting for profitability and CX.
Solution
29 Apr 2025
Learn how TCS’ intelligent, extensible reinsurance solution automates key processes across the insurance value chain such as insurance underwriting and claims management.
Solution
29 Apr 2025
Solution
TCS BaNCS™
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TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Offering Software-as-a-Service across a stack of solutions and applications, TCS BaNCS facilitates smooth transformation in financial services and drives growth.
Related Insights
Learn how our digital-first, cloud-based solution helps life insurers and pension providers achieve efficiency and enrich end-user journeys.
Solution
29 Apr 2025
Backed by blockchain and AI, TCS’ solution automates critical processes such as claims management and underwriting for profitability and CX.
Solution
29 Apr 2025
Learn how TCS’ intelligent, extensible reinsurance solution automates key processes across the insurance value chain such as insurance underwriting and claims management.
Solution
29 Apr 2025
Overview
In a complex macroeconomic environment, life insurance reinvention will continue as the industry strives to bolster its relevancy and pushes solution providers to innovate. An increasingly digital and AI-driven global market needs a solution that supports insurance carriers as they strive to:
- Adapt to emerging distribution models and channels
- Provide digital capabilities to increase productivity and customer engagement
- Unlock new insurance ecosystems and partner integrations
Our solution
TCS BaNCS for Life Insurance and Pension, powered by APIs and delivered on the cloud, provides immense flexibility and scalability so life insurers and pension organizations can rapidly respond to market needs through automated and efficient business processes, thereby delivering a superior customer experience. Designed for interoperability, this solution implants itself seamlessly into a customer’s ecosystem. Given its flexibility and the capability to adapt to constantly evolving technological changes, TCS BaNCS for Life Insurance and Pension provides a competitive advantage to insurance enterprises.
Benefits
Equipped with a range of digital capabilities, TCS BaNCS for Life Insurance and Pension offers pre-integrated offerings for advisors, customers, employers, and trustees.
Key features include:
- Single platform: This one-stop-solution helps insurers and pension providers across functions such as supporting new business, customer servicing, employer servicing, policy administration, unit administration, claims processing, advisor and commission processing, billing and collections, payments, complaints management.
- Speed-to-market and configurability: TCS’ solution enables insurers and pension providers to innovate new products and services to keep pace with changing market needs.
- Undo, redo, and time traversal: The solution allows seamless execution of back-dated transactions (including corrections) by reversing already executed transactions and then re-executing those.
- Scalability: TCS BaNCS for Life Insurance and Pension is a horizontally and vertically scalable solution, leveraging power of cloud to support business growth.
- Communication framework: It is integrated with data-driven communication using smart templates and pluggable document management and generation solutions.
- Security: TCS’ solution works with any standard LDAP-based authentication mechanism. It allows role-based authorization and control of UI and service-level security, and enables the masking of all data protected by privacy regulations.
- Fund management: The solution enables new fund set-up, closure or merger of funds, asset manager interaction, as well as valuation and price feeds.
- Workflows: TCS BaNCS for Life Insurance and Pension is integrated with product, process, and queue-based workflows controlled by access levels and rules.
The TCS BaNCS Advantage
TCS BaNCS for Insurance solutions are equipped with features that boost profitability, improve customer service, increase productivity, and streamline regulatory compliance.
Key advantages include:
- Single vendor ownership
- Self-configuration and smooth experience to internal stakeholders
- TCS BaNCS cloud environments are managed in a shared services model across geographies and include industry-leading tools for service management, SIEM platform, configuration management, master data management, vulnerability management, monitoring, chargeback mechanism, backup, IDAM and VPN solutions. TCS’ solutions are available on leading public and private clouds.
- TCS BaNCS solutions boast of architectural superiority with layered, componentized J2EE architecture and open APIs, enabling easy partner integration and compliance reporting through standardized integration layers.
The one platform ecosystem and open products philosophy of TCS BaNCS help build advanced digital portals with in-built first-point resolution (FPR), straight-through processing (STP), and risk control features. This enables carriers to provide policy holders and members with the next level of self-service, along with contextualized communications, experiences, and insights.
Given its digital operating model, TCS BaNCS transforms your digital enterprise into a single unified platform that supports heritage and open products.
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