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TCS BaNCS for Life & Pension

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Overview

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 traditional and unit-linked insurance products, 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 and scalable architecture of TCS BaNCS for Life & Pension , provides immense flexibility and scalability 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.

Key Features

• Rich features catering to 1500+ different products and their variations

• Speed-to-market and flexibility: ease of new product configuration and launching

• Multi-channel delivery: supports multi-channels and devices to offer services across connected and disconnected channels.

• ConfigSmart : Configuration platform to provide tools and guide to configure Product, Rules, Correspondence, Calculations, APIs, Interfaces and other elements of the product as required by a Customer.

• Journey based front-end built on micro-front end architecture, segregated from business layers.

• AI and data driven Automated processing

• Data-driven communication using smart templates, event-based document triggers and rule-based recipient identification

• Experience - Various channels for user based journeys such as Operations Users (Smart Ops), Contact Center, Consumers (Customer, Advisor, Employer, Members)

• 800+ secured REST APIs available out of box

• Public Cloud certified

• Microservices - Product Rule Engine, Workflow, Document generation, Contribuiton and Batch Monitoring

• Transaction sequencing and full fledged back-dated / out of sequence undo-redo function with the same or different instructions.

• Reporting: BaNCS DataLake on Postgres with out-of-the-box reports and dashboard and Report Admonistration frontend

Key Benefits

• One stop platform for all types of products - Life (Term, Whole Life, Endowment)​, Investment​, Annuity (Fixed, Indexed, Variable)​, Group Life​, Pension / Retirement – DC / DB​ etc.

• Open Architecture and technology agnostic : DB agnostic (Oracle, Postgres, DB2), App server agnostic, On multiple Public cloud (AWS, Azure, Oracle)

• Front-end segregated from business layers gives flexibility to personalizaton

• Localization and regulatory compliance through configuration

• Comes with complete ecosystem with components like Workflow, Document management, Communication, Reporting tools

• Insurtech Partnership to harness innovative and compliment core capabilities

• Self service capabilities offered to consumers in varous channels

• No restriction in the choice of hosting i.e. public/ private cloud or on-premise, based on customers' preference