FAST FACTS
l ICICI Lombard is the largest private-sector
non-life insurer in India based on gross direct
premium income (GDPI).
Girish Nayak, Chief
of Customer Service,
Operations &
Technology at
ICICI Lombard
AT A GLANCE
Company
ICICI Lombard
General Insurance Company
Single-day switch to GST
ICICI Lombard also relies upon the highly-
Headquarters
Mumbai, India
configurable flexibility of TCS BaNCS. Normally,
most change requests are bundled into scheduled
quarterly releases, which allows the synchronization
of testing and approval across multiple business lines.
Last year, ICICI Lombard had to act fast to comply
with the new requirements of India’s Goods &
Services Tax (GST). The new GST system came into
effect on July 1, 2017, replacing several other taxes
and duties. The GST rules, which were formulated
just months before the changeover date, required
insurance companies to switchover from the
previous services tax, to track interstate transactions
for reconciling GST with each state, and to apply
many other adjustments throughout the supply
chain across several different system modules and
products. “The system had to undergo significant
changes to capture all those details,” says Nayak. “This
was quite a complex exercise, and we had to do it in a
formal manner.”
Moreover, ICICI Lombard had to prepare to
switch over from the old services tax to the new
GST without missing a beat. “TCS was a key part of
the entire process, and through a couple of very
intense months, they were able to quickly turnaround
modules for testing,” remarks Nayak. “What really
measured the success of the project was that on
July 1st, we were one of the few insurers who were
all systems go on day one.” (For more on the GST
switchover, see article on p32.)
ICICI Lombard will continue to work with TCS to
enhance the capabilities and reach of the TCS BaNCS
deployment. “Our relationship with TCS is quite
healthy, and we hope we can keep this relationship
l In 2017, ICICI Lombard became the first
private sector general insurance company in
India to cross the
Rs 100 billion (USD $1.5 billion) mark in
premium income.
l The company issued approximately
23.52 million policies in the fiscal year ending
March 2018.
Business Challenge
Handling record-high volumes
and implementing GST
Solution
TCS BaNCS for Insurance
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going as it has for the past twelve years,” adds Nayak.
“Any changes that we do, TCS will be a part of it.”
n
31