LIC deploys TCS platform in 5 countries

MUMBAI, INDIA: TCS has announced the successful deployment of its insurance product TCS BaNCS at the Life Insurance Corporation (International) B.S.C. (c). Part of the TCS BaNCS universal financial platform, this solution was deployed across LIC (International)’s operations in five countries in the Gulf Council. 

LIC( International) is one of the largest Insurance companies in the GCC in sales volumes.  By becoming operational with the TCS BaNCS insurance product suite, LIC (International) is now able to manage all of its operations in the Middle East on a single, centralized platform through efficient processes, transactions and improved customer service. 

R. Thamodharan, CEO & MD, LIC (International), said, “A key criterion for insurance companies in the region is to develop wide coverage alongside a range of insurance functionality, while drilling down deep into each service or product to create an end-to-end solution for superior customer service. With TCS BaNCS Insurance’s comprehensive functional and technological breadth and depth, we will be able to achieve this objective without any difficulty.”

Pradipta Pandit, Product Head, Insurance, TCS BaNCS said, “The TCS BaNCS solution will help LIC (International) bring innovative and new solutions to the market more rapidly while giving them a consolidated view of all processes across their operations in the GCC. We congratulate LIC (International) on this achievement, and reiterate our commitment to playing the role of a trusted, technology partner to our clients in this region. ”

The press release tells that this deployment stands out for the way in which the TCS BaNCS solution integrates all operations of LIC (International) across the GCC on a single platform for traditional as well as unit linked businesses. The TCS BaNCS solution provides LIC (International) with increased operational control, process efficiencies, superior customer service capabilities and rapid time to market. By deploying common insurance processes across all countries in the GCC without compromising on local requirements such as currency, for instance, and driving all validations, calculations and processing sequences centrally, the solution presents LIC (International) with greater influence in the region. With a fully automated solution, LIC (International)’s operations are now more efficient resulting in higher throughput, while customers can benefit from improved service levels. The solution’s unique ability to create and modify products using the Product designer workbench component helps LIC (International) to introduce new products to the market rapidly.