TCS BaNCS wins contract from Nedgroup Insurance to manage their insurance policies
March 4, 2012
TCS,announced that its universal financial services platform, TCS BaNCS, has been selected by Nedgroup Insurance Company Ltd., (NedIC) a short-term insurer specializing in homeowner’s cover, personal accident and vehicle-related, value-added insurance products.
TCS BaNCS Insurance, a part of the TCS BaNCS universal financial services platform, will serve as the new policy administration system for NedIC’s short-term insurance services. TCS BaNCS serves the top banks in Africa through its banking and capital markets suite of solutions; this will be TCS BaNCS’ first insurance customer in Africa. TCS BaNCS end-to-end functionalities, including the entire gamut of quotation to claims, in addition to accounting and re-insurance, among other complementary functionalities will go a long way in helping NedIC deploy the solution in rapid time and deliver to customer expectations.
Anees Vazeer, Managing Director, NedIC, said, “NedIC’s long-term strategy is to be the short-term insurance company known for its superior customer service in South Africa. To achieve this, we needed a solution that was cutting-edge, flexible and capable of integrating with Nedbank’s existing banking systems. TCS BaNCS was selected for its superior IT strategy and vision, both in South Africa and internationally, and its strong and focused product direction, advanced functionality and architecture. More importantly, an error-free track record in implementation and product support stood out as key differentiators.”
NG Subramaniam, President, TCS Financial Solutions, said, “The world over, there is a renewed focus on insurance applications that will configure and launch products rapidly. We are delighted to partner with Nedgroup Insurance on this core system transformation program. This further extends our relationship with them and reinforces our commitment to the African region.”
Indranil Bandopadhyay, Head – Business Solutions, Nedgroup Insurance, said,” We are delighted to sign up with TCS BaNCS for our insurance solutions in South Africa. We were looking for a solution that was comprehensive in functionality alongside the capability of offering a quick time to market. With this solution we will, through a transformational approach, strengthen our solutions, processes and technology and move from a product to a customer-service orientation, a critical requirement in today’s dynamic environment.”