Supporting the growing needs of your insurance business
To remain relevant today and tomorrow, a large number of insurers understand that business priorities for life, annuity and pensions business should change. There is pressure to innovate and bring products that create competitive advantage while keeping costs down.
The Life, Annuity and Pensions solution from TCS BaNCS is a modern, flexible and scalable end-to-end policy administration solution that enables rapid product rollouts, reduces overall cost, enhances operational efficiency, and drives market responsiveness. It is a complete insurance solution suite, supporting a range of functionalities including customer management, product definition, new business, underwriting, quote, policy administration, payouts, insurance accounting, and reinsurance, among others.
Widely recognized as an industry-leading product, it is built on a modern, web-based platform with a parameter-driven and component-based architecture. It provides flexibility for product definition, business rules, and workflows to meet specific business needs. The solution easily integrates with insurers’ existing systems as well as business partners by leveraging SOA-enabled n-tier architecture.
Based on Service Oriented Architecture, this solution is available as a standalone, holistic product suite or as individual components such as policy administration, claims management, among others.
Superior and flexible insurance solution – TCS BaNCS for Insurance
The Life, Annuity and Pensions solution is a true transformation enabler with more than 6.5 million life and pensions closed books policies migrated onto TCS BaNCS successfully. This flexible platform is deployed at leading insurance companies across the globe for open and closed book operations.
- Open book operations: Enables quick time-to-market in introducing new products and equipping firms to take on the challenges posed by continuously evolving distribution channels, resulting in improved business performance
- Closed book operations: TCS BaNCS has a very successful track record of migrating and servicing large volumes of policies from diverse application portfolios onto a single platform, resulting in reduction of Total Cost of Ownership
This solution provides a viable alternative to insurers’ problems of policy administration replacement and legacy modernization.
Additionally, as with all TCS BaNCS for Insurance solutions, Life, Annuity and Pensions offers insurers speed-to-market, enhanced customer experience, improved operational efficiency, enhanced service delivery and digital capabilities.