Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, announced that Standard Bank’s short-term insurance business in South Africa has selected TCS BaNCS Cloud for Insurance to power its digital claims transformation.
TCS BaNCS Cloud for Insurance will be offered on a SaaS model on AWS Cloud and will help the insurer harmonize more than 60 products spread across four claims administration platforms, enabling faster and accurate claims processing. The solution will also integrate with 16 different downstream applications including the enterprise GL system, payment gateway, CRM, business intelligence solutions, as well as all other peripheral systems identified in Standard Bank Insurance’s technology roadmap.
Combined with a cloud-first approach, a faster claims processing engine and high configurability, the solution will help Standard Bank Insurance improve operational efficiency and streamline claims management.
TCS BaNCS APIs will help Standard Bank Insurance connect to ancillary systems easily and offer personalized experiences to their customers. Additionally, TCS’ analytics and data-driven insights tool will help in decreasing customer churn and speed up decision-making related to claims settlements.
Dr. Nolwandle Mqoqi, Head of Insurance, Standard Bank South Africa said, “We have been a leading cloud adopter in the region and selecting TCS BaNCS Cloud as one of the partners is the next step in this journey. Availing TCS’ analytics tool for intelligent insights, we will approach product innovation differently, take advantage of new opportunities and deliver differentiated customer experiences.”
R. Vivekanand, Co-Head, TCS Financial Solutions said, “TCS BaNCS Cloud for Insurance will help Standard Bank’s short-term insurance enhance customer experience, reduce operational risk, improve claims efficiencies, and take advantage of emerging opportunities by seamlessly collaborating with an extended innovation ecosystem of insurtechs. This transformation sets up Standard Bank well for its next leg of thought leadership and client-centered delivery in the South African market.”