in Insurance
insurance special issue
6
Providing a better , more consistent , and customized experience to customers is a top priority for insurance companies . However , many insurers are saddled with cumbersome legacy infrastructures , and struggle with lengthy and inefficient processes for product launches , service requests , and regulatory fixes . With multiple policy administration systems for different lines of business , they are held back by complex operating environments , redundant processes , and inefficient product development cycles that limit the speed and extent of practical innovation .
The result is stagnant sales , indifferent customers , and increasing threats from global technology companies and Insuretech competitors offering personalized , frictionless , real-time digital experiences .
in Insurance
TCS ’ strategy for enabling all established organizations to move forward with digital transformation is centered on an integrated , modern BFSI platform that enables insurers and other financial services companies to drive sustainable growth through superior customer experiences .
BFSI Platform
Powered by TCS BaNCS
By Suresh Muthuswami , President and Global Head — Banking , Financial Services and Insurance Platform , Tata Consultancy Services
New customer experiences are revolutionizing the insurance value proposition for policyholders . For example , customers can assemble custom policies that draw benefits from different kinds of insurance offerings and define customizable terms that meet their specific needs . ( For specific examples of how insurance companies are reinventing the customer experience with these capabilities , read our case studies on Nedbank , page 20 , and Old Mutual , page 24 .)
These are tangible , insurance-specific implementations of what TCS calls Business 4.0 ( see page 2 ) – the digital transformation of a business to achieve excellence in customer experience .
Business 4.0 customer experiences are intelligent , agile , automated , and on the cloud . These customer experiences have become central to the digital economy , shaping business strategies throughout the insurance industry .
To deliver on these strategies , insurers will need a digital platform that extends insurance products and services in new ways , powered by an integrated digital core .
What excites our clients is that we are building digital capability on top of a simple core – redefining what a policy administration system is . Among its digital capabilities , TCS ’ life and pensions Platform will offer contact center / contact management , electronic customer communications , and data reporting / analytics capabilities . APIs – TCS ’ digital experience layer – will be exposed , which will enable insurers to integrate the Platform with any software of their choice . This is a powerful , faster , and much cleaner solution for addressing insurers ’ customer experience and user experience challenges .
For insurance companies partnering with TCS , the modern , digital , cloud-based core will be TCS BaNCS for Insurance , which already is being used to administer more than 17 million policies worldwide .
In this special Insurance issue of the TCS BaNCS Customer Newsletter , we explore how TCS ’ BFSI Platform will help insurers on their digital journeys to Business 4.0 , and highlight several insurers consolidating onto TCS BaNCS .
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