The core policy administration system from TCS BaNCS supports both individual and group line of businesses from a single instance. Designed on the Digital First, Cloud First philosophy, the TCS BaNCS solution can help life insurers and pension providers explore new distribution channels and enriching end-user journeys.

The solution caters to both conventional and unitized products for various product types such as Term, Whole Life, Endowment, with profit products, critical illness, disability, fixed annuities endowment, variable annuity, Income drawdown, SIPP, Personal Pension, Group pension, offering a host of functionalities, along with a flexible workflow, ensuring efficiency for both open book and closed book operations. As an open book solution, TCS BaNCS enables quick time-to-market in introducing new products. As a solution for closed book operations, the solution’s successful track record of migrating and servicing large volumes of policies from diverse application portfolios onto a single platform has resulted in lower TCO.

The high level of configurability, scalable and open architecture of TCS BaNCS for Life & Pension, enable to respond to the ever changing needs of insurers across geographies. With plethora of smart digital offerings across customer experience, contact center, micro services and datalake; coupled with default offering is SaaS on TCS Cloud or as Managed Services on Public Cloud, TCS BaNCS for Life & Pension is a trusted partner, engendering superior customer service, interoperability and to seamlessly integrate into an insurers’ ecosystem. TCS BaNCS has a strong technology and solution partner network whereby insurers can also leverage innovative technology and insurtech solutions to enrich customer engagement and provide cutting edge solutions and services to the market.