Nedbank Insurance offers personal lines, commercial lines and life insurance to Nedbank’s (Retail and Business) Banking clients. As a bancassurer, Nedbank Insurance focuses mainly on sales through a number of bank channels, but is run like any other insurance company in terms of onboarding, policy administration, client servicing, claims management and regulations.
Until recently, Nedbank’s insurance businesses were run and capitalized separately: Nedgroup Insurance Company (NedIC) offered personal and commercial lines to bank clients; and Nedgroup Life (NGL) offered life insurance policies aligned with banking products.
NedIC was originally formed to embed non-life insurance into banking products so that, for example, a client who takes out a home loan through Nedbank can buy property insurance, or a client who takes out a car loan can add warranty options, tire and rim insurance, and other value-added products.
Initially, NedIC was run using an inhouse policy administration and a third-party claims system. These disparate systems ran on separate platforms with only a basic level of connection, and therefore efficient operations was difficult and expansion almost impossible.
Through a request for proposal NedIC narrowed down the field to three technology vendors. In 2010 NedIC chose TCS as its solution partner and, shortly thereafter, started to deploy TCS BaNCS as a single solution to deal with the policy administration, claims and servicing in respect of a full range of personal and commercial lines.
Read how NedIC and NGL takes advantage of the product range enabled by TCS BaNCS.