TCS BaNCS Positioned as a Leader in P & C CLAIMS MANAGEMENT SYSTEMS by Independent Research Firm TCS BaNCS Supports End-to-End Claim Automation and AI-Enabled Conversational Interface to Enhance Customer Experience and Engage Ecosystems for New Innovative Offerings
TCS has been named a Leader in the Forrester Wave™ for P & C Claims Management Systems . 1
The report evaluated TCS BaNCS along with twelve other vendor firms on 28 criteria spanning three categories : current offering , strategy , and market presence . According to the report : “ TCS offers a strong engineering tech infrastructure […] TCS BaNCS [ for Insurance ’ s ] strengths include its intelligent digital core that supports end-to-end claim automation ; embedded AI enabling new voice-based interactions ; and strong globalization capabilities . The conversational interface extends through the claim lifecycle , including service partner interactions .”
The report adds : “ As insurance clients shift from customization to enhancing TCS BaNCS for Insurance capabilities , the broader TCS Coinnovation Network , dubbed TCS
COIN™ , identifies early-stage startups for inclusion in the company ’ s API marketplace .” It further notes , “ TCS BaNCS for insurance claims is a strong fit for the insurance arms of global financial services firms that want the efficiencies of a single platform underpinned with TCS ’ s mature , company-wide innovation philosophy .”
The solution , which supports multiple insurance product lines , received the highest possible score in the Product Vision criterion and the second-highest score in the Current Offering category . Within the Current Offering category , TCS received the highest possible score in the criteria of Decisioning Engine , Payments / Disbursements / Settlements , Catastrophe / Complex Event Management , Claimant / Customer / Partner Communications , Adjustor Workbench Collaboration , Adjustor Workbench Analytics , Modularity , Decisioning : ML and AI ,
and Integrations : APIs , among others .
“ Claims processing represents a ‘ moment of truth ’, which can greatly impact the brand experience for the insurer ’ s end-customer . TCS BaNCS ’ claims processing capabilities are designed with the policy holder in mind and with further investments in the power of data and AI , we are improving both claim processing efficiency as well as end-customer experience ,” said Venkateshwaran Srinivasan , Head , TCS Financial Solutions . “ We are glad to see this recognition from a leading independent research firm , which we believe is testimony to the completeness of our solution as well as strong product vision and roadmap .” 1 The Forrester Wave™ : P & C Claims
Management Systems , Q4 2020 , Ellen Carney , Forrester Research , November 2020 .
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