TCS Insurance solution to power GIC's motor insurance
TCS Financial Solutions, a subsidiary of Tata Consultancy Services (TCS), implements TCS BaNCS Insurance Platform for General Insurance Corporation of India's (GIC) third party insurance.
By PTI |
MUMBAI: TCS Financial Solutions, a subsidiary of Tata Consultancy Services (TCS), has implemented TCS BaNCS Insurance Platform for General Insurance Corporation of India's (GIC) third party insurance.
TCS BaNCS Insurance solution will facilitate timely and accurate apportionment of premium, claims, service tax and other incomes and expenses, enabling an efficient multilateral reinsurance arrangement between the constituents of Indian Motor Third Party Insurance Pool (IMTPIP).
Integrated in association with GIC's Motor Pool administrator, the system would provide centralised automatic, rule-based processing of all commercial vehicles third party motor insurance business, a TCS release said.
"The use of such systems will ensure a competitive advantage in the market, giving insurers the ability to adapt to changing market conditions, leverage single platforms for multiple lines of business, and reduce maintenance costs," Gartner Inc.'s vice president (research) Kimberly Harris Ferrante said.
TCS Financial Solutions delivers software solutions for the banking, insurance and capital market industries worldwide.
TCS BaNCS Insurance solution will facilitate timely and accurate apportionment of premium, claims, service tax and other incomes and expenses, enabling an efficient multilateral reinsurance arrangement between the constituents of Indian Motor Third Party Insurance Pool (IMTPIP).
Integrated in association with GIC's Motor Pool administrator, the system would provide centralised automatic, rule-based processing of all commercial vehicles third party motor insurance business, a TCS release said.
"The use of such systems will ensure a competitive advantage in the market, giving insurers the ability to adapt to changing market conditions, leverage single platforms for multiple lines of business, and reduce maintenance costs," Gartner Inc.'s vice president (research) Kimberly Harris Ferrante said.
TCS Financial Solutions delivers software solutions for the banking, insurance and capital market industries worldwide.
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