New India Assurance capitalize upon deregulation opportunities in India’s non-life insurance segment through TCS BaNCS for Insurance.
New India Assurance Company Limited (NIACL) is a leading public sector multinational organization, founded by Sir Dorabji Tata in 1919. The company has been a market leader in India’s non-life insurance business for more than 40 years, with personal, commercial, industrial, liability, and social insurance.
With deregulation of the Indian insurance industry, NIACL had the opportunity to tailor contracts and prices for policies in five primary markets—¬fire, engineering, construction, motor, and workers’ compensation insurance. However, the company fi¬rst needed to reorient existing operations to encompass the actuarial and underwriting capabilities necessary to succeed in a deregulated market.
TCS and NIACL worked together to rationalize business processes across the entire branch network, creating new procedures for accounting, reconciliation, reporting, documentation, and user communication. The TCS BaNCS solution offered multichannel access to information on NIACL products, policies, counterparties, and claims from a centralized database.
With its improved IT architecture, NIACL was able to undertake a major expansion, growing from 1,100 branches to over 2,000 locations; including over 550 ‘micro-offices’ providing a full range of products to previously under-served rural and semi-urban areas.
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