TCS BaNCS Customer Newsletter #33 | Page 32

insurance

Magma HDI

General Insurance

Double-digit growth powered by diverse product mix

By Rupsa Sengupta , Program Manager , TCS Financial Solutions
When Magma HDI was formed in 2012 , the selection of TCS BaNCS for Insurance was “ a no-brainer ,” says V Ramesh , Head – Information Technology , Insurance at Magma HDI .
Given its unparalleled domain knowledge , skills , and resources , TCS has earned a longstanding leadership position as a solution partner to general insurance companies in India .
In addition , TCS BaNCS was first to market with a flexible product configurator that allows insurance companies in India to rapidly build customized solutions that meet their specific business needs . This level of flexibility was important for Magma HDI to achieve its business objective of being a fast-moving , customerfocused insurer .
TCS BaNCS became a one-stop shop for Magma HDI throughout its core solutions with the deployment of TCS BaNCS for Property & Casualty Insurance ’ s functional modules for quotation , underwriting , policy issuance , policy servicing , claims , reinsurance , correspondence , and the full range of finance and accounting services in support seven lines of business : Motor , Marine Cargo , Fire , Engineering , Heath , Personal Accident , and Miscellaneous .
In addition , Magma HDI uses TCS BaNCS Digital for its agent portal , which integrates directly with TCS BaNCS for Insurance to support over six million policyholders .
The Magma HDI go-live in 2012 took just three months , making it the fastest insurance deployment in the history of TCS BaNCS .
Eight years later , the focus on speed continues , with the product
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