Insurance Cognitive Business Operations

Help Insurers achieve growth and profitability while staying relevant to customer needs.

CHALLENGE

Insurance industry is in the midst of a transformation largely driven by evolving customer expectations and fintech-led disruptions. Insurers are looking to accelerate growth by prudent allocations to strategic investments and creative solutions that can address limitations of complex and dated technology, fragmented operations and legacy business books. Such investments are aimed at aligning business portfolios and operations with profitable customer segments.

TCS SOLUTION

TCS is a transformation and innovation partner of choice for global insurers and has been instrumental in delivering superior customer experience, improved operational performance, and rationalized technology landscape. TCS proactively partners with customers to address demands of the changing marketplace through cognitive approach and develop a host of cognitive solutions aligned with our overall offerings.

Our comprehensive services include:

• Life and Annuity
• Retirement and Pensions
• Property and Casualty
• Re-insurance
• Broking

In addition, TCS offers enterprise services such as procurement, HR, F&A, customer services, Business Support (BFSS), and analytics and insights.

TCS has a proven track record in providing impactful business solutions. Our customers partner with us to leverage:

• Business 4.0™ framework
• Business Consulting
• Delivery Excellence
• IT-BPS Synergy
• Platform Solution

BENEFITS

Following benefits were realized by various clients: 

• USD 1.12 billion subrogation recovery with 15% CAGR growth through Robotic Automation
• USD 2.5 billion Revenue realization through new business campaigns
• 4.5 million policies migrated to BaNCS to avoid loss from fraud worth GBP 1.6 million through IT-BPS Synergy
• 80% reduction in backdating costs leading to USD 2.9 million in savings through Rigor in Operation
• Automation of Pension Transfer to reduce annual costs worth GBP 180k
• Transformation journey across business channels turning 95% processes digital
• 5 days to 5 Minute Policy Issuance by eliminating human engagement and reducing handling time