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Bajaj Allianz General Insurance Moves to the Cloud with TCS BaNCS™

Posted On: 2020-01-08 16:32:56

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that Bajaj Allianz General Insurance, a leading private sector general (P&C and health) insurance company in India, has successfully moved its core policy administration system for its travel lines of businesses onto TCS BaNCS™ Cloud for Insurance.

Bajaj Allianz selected TCS BaNCS Cloud for Insurance with the goal of adopting next-gen technologies and leveraging the power of cognitive solutions to enhance operational efficiencies, accelerate its digital transformation journey, and improve customer experience. This migration makes it the first premier general insurance carrier in India to embrace a cloud platform.

Tapan Singhel, Managing Director and CEO, Bajaj Allianz General Insurance, said,"It's always been our passion to solve customer worries, deliver an exceptional experience and most importantly be there in their time of need. We believe that, new age technology is a great facilitator for providing best in class customer experience. Deploying TCS BaNCS Cloud for Insurance on AWS platform is a significant milestone for us. With this new cloud platform, we will be able to leverage an array of digital technologies in addition to optimizing our infrastructure for better availability and scalability."

"In a Digital First, Cloud First world, TCS BaNCS for Insurance is the digital core that has been helping progressive insurers across the world accelerate their Business 4.0™ journeys, power their growth and create exponential value for their stakeholders," said Ujjwal Mathur, Country Head, TCS India."We are delighted to onboard Bajaj Allianz on our high-performance, future-ready cloud platform and help deliver superior outcomes."

TCS BaNCS Cloud for Insurance is an end-to-end core insurance SaaS solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance. It supports multiple public and private clouds, enabling insurers to reduce their cost of IT infrastructure and benefit from global availability, scalability, security, and agility. Leveraging cutting-edge technologies, including conversational AI to guide and advise end customers, or TCS' distributed ledger-based blockchain solution, Quartz™, the solution can help insurers expand their business, and collaborate, connect and leverage the power of newer and richer ecosystems. Through the use of cognitive solutions such as AI and analytics (TCS OPTiX), they can gain from faster and error-free claims adjudication and policy servicing.

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2255.05 as compared to the previous close of Rs. 2205.15. The total number of shares traded during the day was 109402 in over 8149 trades.

The stock hit an intraday high of Rs. 2259.95 and intraday low of 2200. The net turnover during the day was Rs. 244968279.


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