Tata Consultancy Services’ Digital Insurance Platform to Help Solidarity Bahrain Accelerate Time-to-Market, Enhance Customer Experience, and Power Future Growth
MANAMA | MUMBAI, February 06, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting, and business solutions organization, announced that Solidarity Bahrain B.S.C., a leading insurance provider in Bahrain, has selected TCS BaNCS as its core platform for digitally transforming its property and casualty and takaful group life insurance businesses.
As part of this digital transformation, Solidarity Bahrain will replace its existing core policy administration system with a comprehensive solution that can not only support existing operations but also power its future growth. With its rich functionality and set of exposed APIs that help integrate with surrounding ecosystems, the TCS BaNCS solution will help enhance the experience across the lifecycle of customer and intermediary journeys, offering greater self-service and convenience. Powered by a configurator and rules engine, the solution will enable rapid product innovation. Further, digitized workflows and automation will reduce turnaround times and enable prompter customer service.
Ashraf Bseisu, Chief Executive, Solidarity Group, said, “The new core system will enhance our insurance services and allow us to provide more distinctive and versatile solutions that meet market demands. We aim at revolutionizing the insurance industry through service innovation and a customer focused approach. Our partnership with TCS stems from our firm belief that both organizations are aligned in their passion to re-think the concept of insurance for a digitally enabled world.”
Jawad Mohamed, CEO, Solidarity Bahrain, said, “We have built a strong reputation in the industry in the past decade. We have found an emerging customer need for technologically capable insurance services. Our partnership with TCS is geared towards propelling Solidarity in its quest towards leading the insurance industry’s innovative digital transformation and in the adoption of Fintech and Insurtech solutions.”
“TCS BaNCS’ comprehensive and integrated capabilities will help Solidarity Bahrain differentiate itself in a Business 4.0™ world and achieve its growth and transformation objectives,” said Venkateshwaran Srinivasan, Vice President and Head, TCS Financial Solutions. “Our partnership with Solidarity Bahrain provides a further fillip to our strong presence in the Middle East. We are committed to the success of this mission critical program.”
TCS BaNCS for Insurance is a single integrated solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance and is designed to support every event in the lifecycle of a policy. Its parameter-driven, extendable and interoperable architecture allows insurance companies to configure and launch new products quickly. The solution is based on a digital core, and supports conversational AI and Quartz for Blockchain, all of which help insurers expand their business, collaborate, connect, and leverage the power of newer and richer ecosystems.
About Solidarity B.S.C
Solidarity Bahrain B.S.C. (“SB”), a subsidiary of Solidarity Group Holding B.S.C (closed) incorporated under the laws and regulations of the Kingdom of Bahrain. SB provides a wide range of sharia’h compliant protection products through high quality customer services delivered by well trained and dedicated staff attentive to the needs of personal and corporate policyholders. SB being an Islamic financial institution has strong internal governance by the Sharia Board who ensures that business is practiced in a fair, transparent manner with its stakeholders. Being rated by A.M. Best, reflects its solid risk-adjusted capitalization, diversified business profile in the country’s insurance market, and consistently favorable investment performance.
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 fifty 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 417,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion in the fiscal year ended March 31, 2018, 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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