Old Mutual Life Assurance Company ( South Africa ) Limited selects TCS BaNCS for policy administration system , and TCS for development of digital front-end
customer interview profile
In 2016 , the management of Old Mutual Life Assurance Company ( South Africa ) received notice that the vendor who created their bespoke policy administration system was no longer going to support the product . “ That left us in somewhat of a pickle , to put it mildly ,” says Warick Burke , General Manager , Product Solutions , Old Mutual Life Assurance Company ( SA ) Limited .
After assessing the various options , OMLAC ( SA ) decided to search for a new policy administration system from a provider that could commit to the long haul . “ When you are implementing a core policy administration system , you ’ re signing up for a 15-to-20-year journey ,” says Burke . “ The qualities of a long-term partner are more important than the technology itself .”
The robust search process resulted in the selection of TCS BaNCS . “ With TCS , we found people who think like we do , who have the same values we do , and believe the same things ,” says Burke . “ Our culture as a company is deeply entrenched in the way we do business , and we really felt TCS would be able to go the distance with us .”
Upon signing the initial deal with TCS , the most immediate need was to reduce the risk of running on an end-of-life legacy platform by moving new policy issuance to TCS BaNCS . The first phase was delivery of the base product platform , which was completed by the end of 2017 . Following that , OMLAC ( SA ) commenced testing of the TCS BaNCS platform in the systems integration test phase .
OMLAC ( SA ) is also in the early stages of transitioning all legacy policies to TCS BaNCS . “ From our first discussions , we ’ ve been impressed by the migration capability of TCS , and their experience in migrating many millions of policies from legacy systems ,” says Burke . “ By moving legacy policies to the new TCS BaNCS platform , we can deliver a better customer experience in servicing those policies .”
Old Mutual
Old Mutual Life Assurance Company ( South Africa ) Limited selects TCS BaNCS for policy administration system , and TCS for development of digital front-end
By Joydeep Sarkar , Client Partner , TCS Financial Solutions
Customizable Life Insurance
Beyond the migration to a new policy administration system , OMLAC ( SA ) sought to build an entirely new digital front-end enabling a high degree of product customization . “ We want to provide a ‘ shopping cart ’ experience , where customers working with their financial advisors can add or remove benefits to a base policy , see changes to a dynamic premium , and understand what they ’ re getting ,” says Burke . “ The more modular we can make our products , and the more customizations that customers can do , the more differentiated we will become in the highly competitive South African marketplace .”
OMLAC ( SA ) conducted a separate search for a technology provider to build the digital front-end . Following the evaluation of several alternatives , TCS was again selected as having the ideal combination of technical capabilities and partnership excellence .
“ With TCS providing the core digital skills to build the new frontend platform , we can allow end customers to construct their own policies , guided by financial advisors working with them to meet their needs ,” says Burke .
The go-live for the new digital platform is scheduled for early 2019 . Work is underway on the digital portal for financial advisors , and on operational support for servicing the new range of products enabled by customizable life insurance .
The close partnership with TCS has given OMLAC ( SA ) the ability to take a long-term approach toward building a sustainable business . “ Our senior people have developed great relationships and friendships with the TCS team ,” says Burke . “ TCS has helped us with major directional changes , and in working through difficult problems until we get an answer that works for us .”
“ Trust is the basis for getting through tough times , and for undertaking enormous projects of this scope ,” adds Burke . “ With that level of trust , there ’ s nothing you can ’ t solve .” n
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