analysts
profile
“We are exploring further efficiencies,” says Bandyopadhyay.
“We are constantly looking at our processes to take advantage of opens up opportunities for moving from descriptive analytics
having a single platform for life and non-life policies, and we are to predictive analytics,” says Bandyopadhyay. “The fact that
engaged with TCS in finding areas of improvement.” the data is available in one place helps us to understand our
Upcoming initiatives include:
business better, automate more effectively, and build real-time
l Incorporating data from Nedbank Insurance’s agent dashboards that support operational efficiency.”
network into TCS BaNCS. This will improve client support at l Creating a ‘build-your-own’ policy. As the first insurer to
the contact centre, deliver full digital capabilities to all Nedbank operate on a single policy administration system for both life
Insurance policyholders, and contribute to improved analytics. and non-life insurance products, Nedbank Insurance is in the
“Once that data gets loaded, we will have a 360-degree view unique position of being able to innovate and offer clients
of our entire business, including policies being administered a comprehensive, build-your-own insurance bundle. “We
by external insurance companies and brokers,” says want to enable clients to construct a policy based on their
Bandyopadhyay. precise needs, drawing from several types of life and non-life
l Building digital experiences for clients. “In the past two benefits,” says Bandyopadhyay. “The hard part is the shift from
years Nedbank Group has made significant strides in the digital considering risk at the policy level to considering risk at the
field,” says Steven Goodrich, Head of Technology at Nedbank benefit level.”
Wealth, the insurance and asset management business of
Nedbank Group. “We’ve gone from being an also-ran, to winning
awards and defining the gold standard in best practices.”
“It’s a good challenge to have—and it’ll definitely differentiate
Nedbank Insurance from our peers,” he adds.
l Automating client interactions. In addition to deploying Partnership experience
chatbots for delivering client support across product lines, The relationship between Nedbank Insurance and TCS has
Nedbank Insurance is developing smart home solutions such grown into an ideal long-term partnership.
as geyser (water heater) telemetry, which involves automated
“As a testament to TCS’ excellence in execution, our project
communications between backend systems and geysers located has been running for many years, consistently on time and
on clients’ premises. “Having one system allows us to go to under budget,” says Goodrich.
market quicker with these innovations,” says Bandyopadhyay.
“What’s remarkable is that TCS is innovative as well,” he
l Integrating with insurtech firms. Nedbank Insurance is says. “TCS continues to bring us new ideas and concepts and,
positioned as the ideal partner for insurtech firms — the through brainstorming sessions and with their dedication in
insurance industry’s equivalent of fintech. “We’ve seen the understanding our requirements, we have been consistently
growing trend toward open banking, largely on the back of successful in co-creating solutions that deliver true business
various regulations coming into play in the European Union and value for Nedbank Insurance.”
elsewhere, and it’s only a matter of time before open insurance
A key aspect of the partnership is that the TCS and Nedbank
becomes a trend as well,” says Goodrich. “Having TCS BaNCS as Insurance staff members work side by side as a single, unified
a core policy administration system gives us a single standard team. “The TCS people consider themselves part of the Nedbank
set of application programming interfaces (APIs) for our Insurance family, and they have taken on the cultural values that
entire product range, which allows for easy collaboration with Nedbank promotes” says Goodrich. “This speaks to the type of
insurtech firms.” relationship that we have with TCS – it’s truly one team.”
l Driving advanced analytics. Analysts at Nedbank Insurance
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data from the retail banking side of Nedbank Group. “This
“The strength of this relationship is how we win together, how
will be able to draw on client data across product lines, we help each other, and how we resolve any challenges that
aggregated data from insurance agents and brokers, and arise,” adds Bandyopadhyay.
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