New India Assurance Needed To Bring In Greater Efficiency And Achieve A Higher Percentage Of Growth Annually. They Found A Certain Way.
The market leaders in insurance in India for the last three decades, New India Assurance Co. Ltd. (NIACL) is a leading public sector general insurance company with over 2,000 branches spread across 26 regions in India. To foster growth and improve customer experience, NIACL realized the need for a fully web-based, integrated solution to replace existing legacy systems, consolidate data and centralize processes. Tata Consultancy Services (TCS) implemented its completely web-based Insurance Solution from TCS BaNCS as the core insurance platform for NIACL, creating new procedures for accounting reconciliation, reporting, documentation and user communication alongside offering the much -needed centralized control. The TCS BaNCS Solution’s configurability and strong IT architecture helped NIACL gain a distinct competitive edge in the market, supporting 19,000 employees, 65,000 insurance agents, 200+ insurance products across 16 lines of business and processing 57,500+ policies per day, adding up to 20 million policies per year.