KBZ MS General Insurance and KBZ Life Insurance, the first officially licensed private insurance provider in Myanmar, has successfully migrated 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.
TCS BaNCS Cloud will transform legacy core systems to a modern and 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.
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, “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 the 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,” added Vivekanand.