Tata Consultancy Services (TCS) announced that Zurich Insurance Company Dubai International Financial Center (DIFC) has successfully deployed TCS BaNCS™ Insurance for Property and Casualty, transforming its business operations and reaping a wide range of business benefits.
Zurich DIFC was looking for a solution to automate business processes and accelerate claim settlement and accounting closure, while ensuring data consistency. Towards achieving this vision, it selected TCS BaNCS for its comprehensive functional capabilities to drive growth and transformation.
TCS BaNCS for Property and Casualty is a complete insurance solution suite designed to manage a wide range of complex contracts and calculations with enhanced regulatory compliance and auditability. Its parameter-driven component-based architecture allows flexible configuration and customization, enabling Zurich DIFC to launch new products faster.
The solution covers all stages of the P&C value chain, including product management, underwriting and new business, policy servicing, claims operations management, reinsurance, and insurance accounting. Embracing a Digital First and Cloud First paradigm, it also includes add-on capabilities such as mobility, portal, and data analytics.
The securely-hosted solution has been seamlessly integrated into Zurich DIFC’s application landscape. Its centralized workflow-driven business processes and high level of straight through processing have expedited the claims settlement process, resulting in improved end-customer experience. Additionally, automation in accounting and reporting have enabled Zurich DIFC to achieve faster quarter-end accounting closure.
Khaled AlRayes, Head of Operations and Technical Underwriting at Zurich DIFC, said: “Since the launch of TCS BaNCS at Zurich DIFC, we are already experiencing measurable financial and operational benefits from the platform’s ease of product configuration and maintenance, as well as its functional comprehensiveness with respect to business requirements, including audit and regulatory compliance.”
Vivekanand Ramgopal, Global Head, BFSI Products and Platforms, TCS, said: “The rich functionality of TCS BaNCS and its Digital First, Cloud First architecture have made it a catalyst for innovation, growth, and customer satisfaction at Zurich DIFC. We are pleased to see the measurable business value that our solution is generating for them and look forward to partnering them in their future growth and transformation initiatives as well.”