Property and Casualty Claims
TCS BaNCS forInsurance is a complete insurance solution suite, structured by parameter-driven component based architecture, allowing flexible configuration and customization. The solution's easy-to-use, web-based interface supports global organizations with multiple languages and currencies. This solution also supports insurers of different sizes and complexities across the globe.
TCS BaNCS for Insurance comes with add-on digital capabilities such as mobility, portal and data analytics and is available as a standalone, holistic product suite or as individual components such as policy administration, claims management, among others. As a component based solution that interfaces with legacy infrastructure, TCS BaNCS is equipped to meet all the needs of Property & Casualty insurers. Thereby ensuring flexibility and scalability through quick deployment, easy configuration of rules and the capability to manage multiple variants of insurance products across the globe.
TCS BaNCS for Insurance caters to all three Line of Business as follows:
- Property and Casualty
- Life & Annuity
For each of the Line of Business, certain components of the solution can be implemented as a standalone application. TCS BaNCS has multiple implementations worldwide where its Claims component has been operational in a full-fledged manner for end-to-end claim adjudication in the Property and Casualty Insurance Company. Its supports the entire Insurance value chain from Claim Processing perspective starting from FNOL till Claim Payments. In between the application supports Claim Investigation, Reserving, Processing, Subrogation & Recoveries, Litigation Management so forth and so on.
Claims component of TCS BaNCS for Insurance can be integrated with any Core Policy Administration System for end-to-end Claims Processing and Settlement. Not only that, this component can be integrated with any third party Reinsurance Application and Billing System.
- Supports all lines of business (personal, commercial, speciality)
- Configurable User Interfaces
- Dynamic Questionnaire
- Auto and Manual Reserving
- Claim Investigation module
- Fraud detection and prevention mechanism
- Automated Reinsurance recovery
- Separate Claim Assessment Calculation Sheet for separate Products
- Catastrophe Management
- Multi-level Approval Mechanism
- Litigation Management
- Multi-modal Claim Payment
- Speed-to-market and flexibility
- Complete functional coverage
- Multi-channel delivery
- Easy integration
- Enhanced operational efficiency
- Geography-based offering