Smart Solutions
As part of our Quartz Smart Solutions, TCS is creating
several blockchain solutions for the Insurance industry.
Two solutions likely to be released soon are:
l Life insurance claims. Typically, the beneficiaries of
a life insurance policy are responsible for providing
a death certificate to the insurer, which needs to
be validated and any unusual circumstances to
be investigated. When a decedent has policies at
multiple insurance companies, each insurer takes on
these costs. To simplify and speed up the process for
the parties involved, TCS is building a blockchain-
based repository for public records, including death
records. The repository will be made available online
for the use of municipalities, hospitals, healthcare
providers, police stations, and funeral homes. Given
verified data available in a single, trusted source,
life insurance companies will be able to fulfill
claims with immediacy and certainty, with reduced
fraud, and at lower cost to the industry and to the
government. Damage claims, comprising processes
from claims registration to settlement, can also be
managed on the blockchain with an ecosystem of
insurers, service providers, and even banks.
l Facultative placements in reinsurance. In the
reinsurance business, facultative placements allow
the reinsurer to choose which risks they want
to accept from insurance companies. Through a
blockchain-based distributed ledger for facultative
placements, insurers can list which risks they seek
to offset, allowing multiple reinsurance companies
to review those risks in a single place, without
the need for back-and-forth communications.
This will cut down the turnaround time needed
to enter into a facultative placement agreement,
while also eliminating unnecessary friction in the
marketplace.
Transformation Optimization
We have successfully migrated over 17 million
policies from 27 different policy administration
systems onto the TCS BaNCS platform. This has
been accomplished through a set of proven
methodologies, tools, and techniques, which we
continue to optimize and imp rove as part of our
Transformation Optimization initiative.
We are also in the process of researching and filing
several patents related to transformation, including:
a data exchange tool for enterprise application
integration; a data migration tool for life and pension
systems; an externalized transaction framework
for winding transactions backward and forward;
auto-generation of business logic and front-end
code based on product configuration options;
and a highly-configurable structure for defining
medical benefits. These innovations demonstrate
our investment into process excellence in support of
large-scale industry transformation.
Once transformed, insurance companies will be
able to make full use of the extensive capabilities of
TCS BaNCS, TCS BaNCS Digital, and Quartz, with each
innovation made available immediately through
Continuous Integration and Continuous Delivery.
We look forward to seeing the amazing successes
of our customers over the coming years.
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