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Zurich insurance company DIFC transforms biz operations with TCS BaNCS

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

insurance, irdai, health insurance, general insurance

BS Web Team New Delhi

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Tata Consultancy Services (TCS) on Tuesday, announced that Zurich Insurance Company Dubai International Financial Center (DIFC) has deployed TCS BaNCS Insurance for property and casualty, for transforming its business operations.

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 customisation, 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 company said in a BSE filing.  

“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,” said Khaled AlRayes, Head of Operations and Technical Underwriting at Zurich DIFC.

In a regulatory filing, the company said, “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.”

“The rich functionality of TCS BaNCS and its digital first, cloud first architecture have made it a catalyst for innovation, growth, and customer satisfaction globally; and now at Zurich DIFC,” said Vivekanand Ramgopal, President, BFSI Products and Platforms, TCS.

“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” he added. 

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First Published: May 23 2023 | 6:14 PM IST

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