Takaful International Wanted To Speed Up Innovation. They Found A Way To Be Certain.
Takaful International Company (TIC), one of the first Takaful insurance organizations in Bahrain to have a rich and diverse product portfolio, wished to grow organically and expand business in the Middle East and the GCC (Gulf Co-operation Council). TIC needed an integrated IT system that would satisfy all business and functional requirements such as policy administration, claims management, reinsurance administration and financial accounting that could be accessed anywhere, anytime via the Web. They also wished to offer customer-facing documents in Arabic. Tata Consultancy Services (TCS) configured the Insurance Solution from TCS BaNCS to suite the entire core insurance, reinsurance and accounting functionalities required by TIC in both personal and commercial lines of business for Property and Casualty (P&C) insurance and family Takaful operations. As one of the world’s fastest growing financial technology providers, TCS leveraged the highly scalable and flexible TCS BaNCS solution to serve as a complete, end-to-end solution, supporting all mainstream products, sales channels and lifecycle functionalities.