TCS BaNCS enables AlAhli Takaful Company adhere to the requirements of modern policy administration systems in the evolving Takaful and Saudi Arabian Monetary Agency (SAMA) regulatory landscape.
AlAhli Takaful Company (ATC) is the Kingdom of Saudi Arabia’s largest provider of ‘takaful’ insurance, a cooperative form of insurance permitted by Sharia Islamic Law. ATC biggest products include life insurance products for individuals, including unit-linked investment products, and group life insurance policies for organizations.
ATC’s existing IT system was inflexible and unable to adapt to emerging requirements of modern policy administration systems in the evolving Takaful and Saudi Arabian Monetary Agency (SAMA) regulatory landscape. ATC was looking for a new vendor to provide a single solution for life and group products that could be distributed across multiple channels.
The TCS BaNCS for Insurance product suite, in addition to supporting life insurance with unit-linked investment products and group life programs also included a feature that some other contenders lacked—a multilingual interface. TCS BaNCS for Insurance was implemented for ATC with the following features:
- Easy access management
- Structured policy issuance and servicing
- Thorough commissions’ measurement
- Quick claims settlement
- Timely reports generation
- Multi-language solution support
With the implementation of TCS BaNCS for Insurance, ATC has benefitted from:
- Effective data consolidation
- Reduced manual dependencies
- Unified, consistent solution deployment
- Improved service levels
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