Tata Consultancy Services’ integrated cloud offering on SaaS to help KBZ speed up new product development and deliver superior customer service
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that KBZ MS General Insurance and KBZ Life Insurance, the first officially licensed private insurance provider in Myanmar, has successfully moved to TCS BaNCS Cloud for Insurance.
KBZ MS is a new age and upcoming insurer in Myanmar with presence in 20 cities, offering the entire range of general insurance from motor insurance to property and health for individuals and groups across 22 branches. The company selected TCS BaNCS Cloud for Insurance to transform its legacy core system to a modern, scalable digital solution. TCS implemented the end-to-end, digitally-enabled SaaS solution on a public cloud. The integrated solution spanning property and casualty, health, and life insurance went live during the disruptive COVID-19 lockdown period, enabled by TCS’ Secure Borderless Workspaces™, a transformative operating model that allows organizations to fully and seamlessly transition to virtual workspaces.
The solution’s product workbench gives KBZ the dexterity to speed up innovation, and its multi-layered approach to data and rules management simplifies and accelerates the design and launch of new products. The leaner processes and superior usage of digital technologies help the insurer enhance the service quality and the customer experience delivered through its branches. TCS BaNCS Cloud for Insurance has a modern architecture, making it an adaptive future-ready core that will support the insurer’s digital ambitions. Hosted on AWS, the solution benefits from the lower cost of infrastructure as well as the resilience, scalability, and flexibility of the cloud.
Commenting on the project going operational during the pandemic-induced lockdown, Anil Mancham, CEO, KBZ MS, said, “We are constantly striving to enhance the reputation we have in the Myanmar market as the leading, established and trusted insurance provider, and this growth and transformation program with TCS BaNCS Cloud for Insurance does just that. We now have a single, sustainable, future ready insurance platform covering all lines of business. With its highly localized and pre-configured functionalities and the SaaS model that TCS BaNCS Cloud offers us, this solution will help us address specific regulatory and market requirements in Myanmar, and enable us to provide quality solutions and services that our customers have come to expect from us.”
“Insurers are adopting the cloud to become more agile and keep up with changing customer preferences. TCS BaNCS Cloud for Insurance helps insurers build adaptability into their business models, resilience in their operations and enhance customer experience,” said R Vivekanand, Co-Head, TCS Financial Solutions. “We are pleased to partner with KBZ in their growth and transformation journey and bring them on board the SaaS version of TCS BaNCS Cloud for Insurance. The new platform will help them build a differentiated positioning with innovative products and a superior customer experience.”
TCS BaNCS Cloud for Insurance is plug-and-play, pay-as-you-go, one-stop SaaS offering that is being adopted by progressive insurers across the world for its future-ready digital architecture, functionality, business agility and operational efficiency. Designed with a cloud-first approach, it is an end-to-end rules-driven core insurance platform spanning customer management, new business underwriting, policy servicing, claims processing, co-insurance, billing and accounting, reinsurance, reporting and branch operations across P&C, health and life insurance businesses. Leveraging cutting-edge technologies, including conversational AI to guide and advise end customers, or the distributed ledger-based blockchain solution, Quartz, from TCS, the solution can help insurers expand their business, collaborate, connect and leverage the power of newer and richer ecosystems.
Source: Company Press Release