TCS Named a Leader in Property & Casualty Insurance Claims Management Systems

TCS Named a Leader in Property & Casualty Insurance Claims Management Systems

According to the Report, Tata Consultancy Services’ Flagship Solution, TCS BaNCS™ for Insurance is a “Clear-Cut Choice for Global Insurers that Demand Product Innovation”

NEW YORK | MUMBAI, July 27, 2022: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been recognized as a Leader in The Forrester Wave™: Property & Casualty (P&C) Claims Management Systems, Q2 2022[1]. In an assessment of 14 of the most significant property and casualty (P&C) claims management system providers, TCS tied for the highest score in the current offering category.

According to the report, “TCS ticks the boxes for innovation and broad functionality… with its strategy driven by the emergence of new business models, smart automation, cyber risk, acceleration, and supporting tech and delivery partnerships.” It further said that “Standout product capabilities include its embedded RPA for attended and unattended bots as well as its AI- enabled voice-based first notification of loss… TCS is a clear-cut choice for global insurers that demand product innovation and options for product licensing.”

“Our ’Digital First’ approach has made TCS BaNCS the preferred P&C claims system for insurers looking for a modern solution that can power their growth and transformation journeys, enabling innovation, greater agility, speed to market, and enhanced customer experience,” said Vivekanand Ramgopal, Global Head, BFSI Products and Platforms, TCS. “We believe this recognition is a reflection of our vision, and investments ahead of the curve in smart automation, cyber risk management, and channel integration.”

TCS BaNCS for Insurance is an end-to-end rules-driven core insurance platform spanning underwriting, customer policy servicing, claim processing, co-insurance, finance, reporting and branch operations across P&C, health and life insurance businesses.

TCS BaNCS for Property and Casualty is a complete insurance solution suite that includes claims management. Its parameter-driven component-based architecture allows flexible configuration and customization. The digital-first suite covers all stages of the P&C claims value chain, including product management, underwriting and new business, policy servicing, claims operations management, reinsurance and insurance account. It also includes add-on digital capabilities such as mobility, portal and data analytics.

TCS’ product vision includes metaverse use cases for multiple stakeholder interactions and voice-based claim processing.

“In this era of increasingly complex risks, changing customer expectations and new, digital-based competition, TCS is partnering with P&C insurers of all sizes to offer positive digital engagement across the entire claims value chain,” added Vivekanand Ramgopal.

The TCS BaNCS product suite is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping insurers and other financial firms become more agile and intelligent by leveraging the power of new and extended ecosystems.