Extensive capabilities of TCS BaNCS and reliable delivery capabilities of TCS have achieved excellent results across lines of business for American and Canadian insurers.
TCS has a longstanding presence in the insurance industry in North America. TCS works with eight of the top 10 U.S. insurers, and our universal financial platform TCS BaNCS currently has four major installations at North American insurance companies.
Workers’ Compensation (United States):
A leading general insurance provider needed greater flexibility and faster speed-to-market for its workers’ compensation business in Hawaii. TCS BaNCS powered an improved policy administration system encompassing a streamlined, end-to-end solution with higher efficiency, streamlined control, better regulatory reporting, and quicker turnaround time for processing claims and responding to new regulations. TCS BaNCS provides US Workers’ Compensation insurance providers with full compliance with NCCI, support for independent ratings bureaus, and a complete set of regulatory reporting tools.
Mortgage Insurance (Canada):
A large mortgage insurer in Canada needed to upgrade from its legacy underwriting platform to an integrated solution covering all major functions. The implementation encompassed end-to-end coverage of residential mortgage insurance, with fast underwriting, full compliance with Canadian regulations, enhanced reporting, and comprehensive interfaces with external systems. The new solution supports loan decisions in under 50 seconds, improving the user experience and customer service alike. In addition, the insurer has been able to improve speed-to-market for new products and rates in a competitive marketplace.
Warranty Claims (United States):
A captive insurance company was responsible for processing over 3 million warranty claims per year on a mainframe legacy system, which led to high error rates and low productivity. The insurer needed to transition to a flexible, efficient solution with a full suite of workflow tools and processes for claims management TCS BaNCS supported the migration of over 7 million policies and 5 million customers to a comprehensive solution with automated claims processing, customizable workflow tools and single sign-on for users, resulting in increased operational efficiency and improved competitiveness.
Machinery and Equipment Insurance with Warranty Protection (United States):
The captive insurance subsidiary of a leading manufacturer provides warranty protection for construction and mining equipment, gas engines, and industrial turbines. The company needed a flexible core insurance solution for property & casualty insurance to facilitate rapid growth in worldwide markets. TCS BaNCS covers the entire warranty lifecycle across multiple product lines, including data exchange with reinsurers. The solution provides centralized control, streamlined business processes, better audit and regulatory reporting, and readiness for future growth.
TCS BaNCS offers functionally-rich, flexible, and user-friendly support for insurance operations across multiple lines of business including Life and Pensions Insurance, Property & Casualty, Warranty Claims, Workers’ Compensation, and Reinsurance. The easy-to-use, single sign-on, web based interface supports global organizations and their agent networks in a secure manner, and the platform independent solution easily connects with other insurance applications. The product configuration options and workflow tools ensure that TCS BaNCS can be customized to meet the specific business needs of any insurance service provider, with ISO Electronic Rating Content (ERC) on loss costs, forms and rules changes automatically integrated into the solution.