Yangon, Myanmar based insurance provider KBZ has moved its insurance entities - KBZ MS General Insurance and KBZ Life Insurance to TCS BaNCS insurance platform, the financial services solutions platform from information technology (IT) consulting company Tata Consultancy Services (TCS).
TCS BaNCS (bank assessment for non-point source consequences of sediment) will help KBZ, the first officially licensed private insurance provider in Myanmar, speed up new product development and deliver better customer service, TCS said in a statement.
KBZ MS offers a range of general insurance from motor insurance to property and health for individuals and groups through its 22 branches across 20 cities in Myanmar. With TCS BaNCS Cloud for Insurance, it aims to transform its legacy core system to a modern, scalable digital solution, the statement added.
“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,” said R Vivekanand, co-head, TCS Financial Solutions.
The end-to-end core insurance SaaS (software as a service) solution is implemented on a public cloud. TCS said the integrated solution spanning property and casualty, health, and life insurance went live during the COVID-19 lockdown period.
This deployment and migration to TCS BaNCS on Amazon Web Services platform allows the insurer to speed up innovation and simplify and accelerate design and launch of new products besides enhancing the overall service quality and the customer experience.
“We now have a single, sustainable, future ready insurance platform covering all lines of business. 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,” Anil Mancham, CEO, KBZ MS, said.
The plug-and-play and pay-as-you-go solution offers digital architecture, functionality, business agility and operational efficiency to insurance firms. According to the company, the product manages the entire insurance platform covering customer management, new business underwriting, policy servicing, claims processing, co-insurance, billing and accounting, reinsurance, reporting and branch operations across property and casualty, health and life insurance businesses.
TCS BaNCS for payments is a cloud-native platform which can facilitate digital payments across the world in a variety of currencies. It offers a variety of solutions for banks, capital markets, insurance services and blockchain processes. It is capable of integrating payments from several platforms and comes with an analytics interface which can provide insight into customer behaviour.
In June, Bajaj Allianz General Insurance moved to cloud with the help of TCS BaNCS.
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.
In June 2019, TCS announced the culmination of the first phase of implementation of TCS BaNCS insurance platform for Scottish Widows, the life insurance and pensions arm of Lloyds Banking Group. TCS partnered with Scottish Widows in September 2017 to replace the legacy system with TCS BaNCS platform.
In June 2019, TCS announced that Taiwan-based KGI Bank deployed the TCS BaNCS for its corporate and consumer operations.
In April, it said the core banking software suite will power the first fully digital bank in Israel. It did not name the bank.