With Tata Consultancy Services’ SaaS Solution for Insurance, Bajaj Allianz is the First Premier General Insurance Carrier in India to Embrace the Cloud and Accelerate its Digital Transformation
MUMBAI, January 08, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that Bajaj Allianz General Insurance, a leading private sector general (P&C and health) insurance company in India, has successfully moved its core policy administration system for its travel lines of businesses onto TCS BaNCSTM Cloud for Insurance.
Bajaj Allianz selected TCS BaNCS Cloud for Insurance with the goal of adopting next-gen technologies and leveraging the power of cognitive solutions to enhance operational efficiencies, accelerate its digital transformation journey, and improve customer experience. This migration makes it the first premier general insurance carrier in India to embrace a cloud platform.
Tapan Singhel, Managing Director and CEO, Bajaj Allianz General Insurance, said,“It’s always been our passion to solve customer worries, deliver an exceptional experience and most importantly be there in their time of need. We believe that, new age technology is a great facilitator for providing best in class customer experience. Deploying TCS BaNCS Cloud for Insurance on AWS platform is a significant milestone for us. With this new cloud platform, we will be able to leverage an array of digital technologies in addition to optimizing our infrastructure for better availability and scalability.”
“In a Digital First, Cloud First world, TCS BaNCS for Insurance is the digital core that has been helping progressive insurers across the world accelerate their Business 4.0™ journeys, power their growth and create exponential value for their stakeholders,” said Ujjwal Mathur, Country Head, TCS India.“We are delighted to onboard Bajaj Allianz on our high-performance, future-ready cloud platform and help deliver superior outcomes.”
TCS BaNCS Cloud for Insurance is an end-to-end core insurance SaaS solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance. It supports multiple public and private clouds, enabling insurers to reduce their cost of IT infrastructure and benefit from global availability, scalability, security, and agility. Leveraging cutting-edge technologies, including conversational AI to guide and advise end customers, or TCS' distributed ledger-based blockchain solution, Quartz™, the solution can help insurers expand their business, and collaborate, connect and leverage the power of newer and richer ecosystems. Through the use of cognitive solutions such as AI and analytics (TCS OPTiX), they can gain from faster and error-free claims adjudication and policy servicing.
About Bajaj Allianz General Insurance
Bajaj Allianz General Insurance is India’s leading private general insurance company. Bajaj Allianz is a joint venture between Allianz SE, the world’s leading insurer and largest asset manager, and Bajaj Finserv Limited, India’s most diversified non-bank financial institution. Bajaj Allianz General Insurance offers general insurance products such as motor insurance, home insurance, health insurance as well as other unique insurance plans such as wedding insurance, event insurance, and film insurance. The Company began its operations in 2001 and today has a pan-India presence in over 1500 towns and cities. The Company has been constantly expanding its operations to be close to their customers. Bajaj Allianz General Insurance has been a profit-making company since its inception and has consistently been rated with “iAAA” rating for its claims paying ability by ICRA Limited (an associate of Moody’s Investors) consecutively for last 13 years.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: https://www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 450,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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