TCS BaNCS for Insurance platform has been selected to support digital transformation strategy of Bahrain-based SNIC Insurance.


Image: TCS to provide SNIC with BaNCS for Insurance. Photo: Courtesy of Tata Consultancy Services Limited.

TCS BaNCS is expected to improve SNIC’s competitive advantage by supporting general and medical insurance, financials and business intelligence.

By using the core platform, SNIC will be able to harmonize several of its existing product lines and will also roll out new products faster.

As part of this transformation, the insurance company also plans to replace its existing core Policy Administration System (PAS) with a new solution that can not only support existing operations but also power future growth aspirations.

SNIC general manager Khalid Al Shaikh stated that the company plans to go the second mile in customer service – to go beyond their demands – and deliver a truly great experience.

Al Shaikh said: “The only way we can distinguish ourselves and grow our franchise is through unparalleled customer experience, quick product delivery and innovation. We have selected TCS BaNCS for Insurance as it is an out-of-the-box solution that meets all our needs and enables us to differentiate ourselves in the market.”

TCS financial solutions head Venkateshwaran Srinivasan said the implementation of TCS BaNCS will not only cater to SNIC’s present requirements, but also their future needs across their General and Life insurance business lines on a single platform with a unified customer experience.

“TCS BaNCS, with its superior architecture and comprehensive functionality, has become the preferred core platform for forward-thinking insurance companies looking to build competitive differentiation through greater agility, product innovation and outstanding customer experience,” Srinivasan said.

SNIC was licensed by Central Bank of Bahrain as Bahraini registered Company in 2006.

A strategic transfer of activities to Bahrain was implemented in 2010 and formed Wataniya Insurance Company, an associate company based in the Kingdom of Saudi Arabia.

In the thrid quarter of 2010, Wataniya Insurance Company was fully licensed and registered in the Kingdom of Saudi Arabia managing SNIC previous portfolio in KSA through its Head office in Jeddah and branches located in Riyadh and Khobar.