TCS BaNCS Positioned as a Leader in P&C Claims Management Systems by Independent Research Firm

Mumbai: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader in the Forrester Wave™ for P&C Claims Management Systems.

The report evaluated TCS BaNCS along with twelve other vendor firms on 28 criteria spanning three categories: current offering, strategy, and market presence. According to the report, “TCS offers a strong engineering tech infrastructure[…] TCS BaNCS [for Insurance’s] strengths include its intelligent digital core that supports end-to-end claim automation; embedded AI enabling new voice-based interactions; and strong globalization capabilities. The conversational interface extends through the claim lifecycle, including service partner interactions.”

The report adds, “As insurance clients shift from customization to enhancing TCS BaNCS for Insurance capabilities, the broader TCS Co-innovation Network, dubbed TCS COIN™, identifies early-stage startups for inclusion in the company’s API marketplace.” It further notes, “TCS BaNCS for insurance claims is a strong fit for the insurance arms of global financial services firms that want the efficiencies of a single platform underpinned with TCS’s mature, company-wide innovation philosophy.”

The solution, which supports multiple insurance product lines, received the highest possible score in the Product Vision criterion and the second-highest score in the Current Offering category. Within the Current Offering category, TCS received the highest possible score in the criteria of Decisioning Engine, Payments/Disbursements/Settlements, Catastrophe/Complex Event Management, Claimant/Customer /Partner Communications, Adjustor Workbench Collaboration, Adjustor Workbench Analytics, Modularity, Decisioning: ML and AI, and Integrations: APIs, among others.

“Claims processing represents a ‘moment of truth’, which can greatly impact the brand experience for the insurer’s end-customer. TCS BaNCS’ claims processing capabilities are designed with the policy holder in mind and with further investments in the power of data and AI, we are improving both claim processing efficiency as well as end-customer experience,” said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. “We are glad to see this recognition from a leading independent research firm, which we believe is testimony to the completeness of our solution as well as strong product vision and roadmap.”

TCS BaNCS for Insurance is a comprehensive core insurance solution spanning life, annuity, pensions, property & casualty, reinsurance, and health insurance, and is designed to support every event in the lifecycle of a policy. Resting on a digital core, with conversational AI to guide and advise policy holders, and TCS’ distributed ledger-based blockchain solution, Quartz, the solution can help insurers expand their business, collaborate, connect and leverage the power of newer and richer ecosystems.

The solution supports insurers of different sizes and complexities across the globe and supports multiple languages, currencies and regulatory regimes. P&C claims management features include:

Automatic fraud detection and scoring based on configurable rules

Configurable duplicate check mechanism on claim intimation

Automatic validations—claims data verified against policy information

Role-based authority for handling claims at different levels

Alerts and diaries to claims management based on nature of claims, lines of business and channels

Automated document generation

Claims reserve, payments and disbursements

Identification of all claims for catastrophic events

Claim-specific report generation

Salvaging, subrogation and participation recovery

 

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