Bajaj Allianz General Insurance has moved to cloud with the help of Mumbai-based information technology services firm Tata Consultancy Services. The insurer said the deal will help it accelerate its digital transformation.
The general insurance firm is one of the largest players in property and casualty, and health insurance verticals. The firm has moved its core policy administration system for its travel lines of businesses onto TCS BaNCS Cloud for Insurance, the companies said in a media statement.
TCS' BaNCS is a digital and cloud software platform for financial services firms. Bajaj Allianz said that the platform will help the company to adopt next-generation technologies while leveraging cognitive solutions.
The Pune-based insurer said that the embrace of cloud and emerging technologies will enhance operational efficiencies and improve customer experience. This deployment and migration to TCS BaNCS on Amazon Web Services platform makes Bajaj Allianz the first premier general insurance carrier in India to embrace a cloud platform, it added.
“To solve customer worries and better experience, new-age technology is a great facilitator. With this new cloud platform, we will be able to leverage an array of digital technologies in addition to optimizing our infrastructure for better availability and scalability,” Tapan Singhel, managing director and CEO, Bajaj Allianz General Insurance said.
TCS said that its BaNCS Cloud for Insurance is an end-to-end core insurance SaaS (software as a service) solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance. According to the company, the platform supports multiple public and private clouds, enabling insurers to reduce their cost of IT infrastructure while delivering other benefits of cloud.
“In a digital-first, cloud-first world, our platform as the digital core has been helping progressive insurers across the world accelerate their Business 4.0™ journeys, power their growth and creating value for their stakeholders,” Ujjwal Mathur, country head for TCS India said.
According to TCS, it would leverage technologies, including conversational artificial intelligence to guide and advise end customers. It said that its distributed ledger-based blockchain solution, Quartz solution can help insurers expand their business, and collaborate on various ecosystems. It also said that its solutions will help Bajaj Allianz to process claims faster and error-free.
Late last year, TCS had signed a deal with Europe's largest life and pensions consolidators Phoenix group to accelerate the digital transformation of the company's standard life business.
Last month, TCS had launched Quartz DevKit to enable enterprises to build and roll out blockchain applications faster. The low-code development kit allows enterprises to build and deploy blockchain applications on popular blockchain platforms.