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PRESS RELEASE
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Mumbai, November 14, 2014: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that its customer, Nedgroup Insurance Company (Nedic), a leading insurer specializing in homeowner's cover (HOC), personal-accident and vehicle insurance products, has gone operational with TCS BaNCS for Insurance as its new policy administration system for short-term insurance services.
Widely recognized as an industry-leading product, TCS BaNCS for Insurance is built on a modern, web-based platform with parameter-driven and component-based architecture. The solution easily integrates with the existing systems of insurers and those of their business partners by leveraging service-oriented-architecture-enabled, n-tier architecture.
TCS BaNCS for Insurance served as the core platform as Nedic implemented its strategy to enhance customer intimacy and integrate all its offerings under one roof. With this new core engine Nedic can expand its product range and services to its target market across a variety of channels. It heightened customer service levels at the company by providing a single view of clients and provided improved access to information. Further, the TCS BaNCS for Insurance solution’s configurability will be an added advantage because it ensures a quicker time to market for new Nedic products.
Anees Vazeer - Managing Director, Nedic, said, “TCS BaNCS has helped us replace our previous, complicated systems with an integrated, readily accessible system, streamlining our interactions with clients. A significant aspect of this successful deployment is the collaboration between the teams, not just in Nedbank, but also with our IT solutions partner, TCS Financial Solutions, without whom we could not have implemented the new system on time.”
Commenting on the implementation, N Ganapathy Subramaniam – President, TCS Financial Solutions, “Over the past few years, our relationship with Nedbank has evolved into an enriching partnership. TCS BaNCS successfully completed the deployment at Nedic, proving that the solution is ideal for South Africa and that TCS Financial Solutions is committed to the region for the long term. TCS BaNCS brand values synergize with those of Nedbank since both firms are focusing on the simplification of technology to aid business transformation.”
Nedbank Group provides a wide range of wholesale and retail banking services and a growing insurance, asset management and wealth management offering through five main business clusters, namely Nedbank Capital, Nedbank Corporate, Nedbank Business Banking, Nedbank Retail and Nedbank Wealth. Nedic is the short-term insurance company within Nedbank Wealth and its primary business is HOC for private properties. It also specializes in personal-accident and vehicle-related value-added insurance products.
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 300,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $13.4 billion for year ended March 31, 2014 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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