TCS BaNCS™ for Reinsurance

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Industry

Solution

Overview

With new regulations and a sharper focus on controllership, it is imperative for reinsurers to shift from inefficient manual processes and spreadsheet-driven operations to automated and intelligent systems that will help them differentiate in areas such as underwriting, claims, and accounting.

The objective is to increase efficiencies and accuracy of day-to-day reinsurance operations and calculations, and improve data integrity with real-time access to auditable and reportable data, such as risk profile, bordereaux, and so on. Both ceding insurers and reinsurance companies need a comprehensive reinsurance solution that supports industry-standard as well as company-specific practices, enabling the agility and insights that are required to respond to the dynamic requirements of the modern-day reinsurance enterprise.

Our solution

TCS BaNCS for Reinsurance offers a single core platform to address all the requirements for administering reinsurance for life insurance and non-life insurance products using a uniform set of tools. It is an ideal product for managing both outward (ceded) and inward (assumed) reinsurance operations for primary insurers and reinsurers of any size across markets.

This offering manages the entire cycle of reinsurance functions—from defining the treaty to handling policy cession administration, claims recovery processing, and reinsurance accounting. It places premiums with the correct reinsurers, tracks receivables and payables, handles accounting and cash management, and creates operating reports. It can operate as a single unified reinsurance platform in an integrated system landscape comprising any number of policy and claim systems.

Designed on the digital-first, cloud-first philosophy, TCS BaNCS for Reinsurance helps mitigate risks, automate key business processes, and manage complex reinsurance contracts involving multiple ceding criteria.

Benefits

TCS BaNCS for Reinsurance protects portfolios from catastrophic exposures and random fluctuations while maintaining a healthy loss ratio. The configurable, parameter-driven solution establishes and updates business processes. It operates through an easy-to-use web-based interface and supports multiple languages and currencies.

Single reinsurance platform: Supports multiple policies and claims administration systems for non-life, life, and health insurance
Automated operations with support or expert judgments: Automatic accumulation and cession recovery apportionment and reinstatement, generation of loss advice, and alerts
Quick turnaround time: Significantly reduces time to perform day-to-day operations, including accessing operational and statistical data, at the click of a button
Next-gen technology: Built on a modern open stack, with continuous product investment; cloud (SaaS, public, private) hosting; ease of ecosystem integration through standard out-of-box APIs and adapters for other legacy technologies
Consolidates multiple lines of business on one platform: Operates as a standalone unit or integrated with core systems; also functions as a microservice
Comprehensive reporting: Provides a summarized view through canned reports and integrates with reporting tools for ad hoc reports

The TCS BaNCS Advantage

TCS BaNCS for Reinsurance offers an unmatched set of features backed by a rapid deployment model that seamlessly integrates with an insurer’s business and IT landscape, regardless of size and complexity. Its high degree of parameterization, user-friendliness, integration ability, features, and functionality empower carriers with a speed-to-market competitive advantage. TCS BaNCS for Reinsurance has been implemented for 22 customers globally across 15 countries.

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TCS works hand in hand with world-leading investors.

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

TCS BaNCS™ for Reinsurance

Industry

Solution

Overview

Our solution

Benefits

The TCS BaNCS Advantage

Transformation starts here

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Industry

Solution

Overview

Our solution

Benefits

The TCS BaNCS Advantage

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