Insurance Business Operations

Business Operations

Awards & Recognition

2016

To know more
Visit the Business Operations page on tcs.com
Email: bps.connect@tcs.com
Blog: AgileBusiness

About Tata Consultancy Services Ltd (TCS)

Tata Consultancy Services is an IT services, consulting and business solutions organization that
delivers real results to global business, ensuring a level of certainty no other firm can match.
TCS offers a consulting-led, integrated portfolio of IT and IT-enabled infrastructure, engineering
and assurance services. This is delivered through its unique Global Network Delivery ModelTM,
recognized as the benchmark of excellence in software development. A part of the Tata Group,
India’s largest industrial conglomerate, TCS has a global footprint and is listed on the National
Stock Exchange and Bombay Stock Exchange in India.

For more information, visit us at www.tcs.com

IT Services
Business Solutions
TCS Design Services I M I 01 I 17

Consulting

All content / information present here is the exclusive property of Tata Consultancy Services Limited (TCS). The content / information contained
here is correct at the time of publishing. No material from here may be copied, modified, reproduced, republished, uploaded, transmitted, posted
or distributed in any form without prior written permission from TCS. Unauthorized use of the content / information appearing here may violate
copyright, trademark and other applicable laws, and could result in criminal or civil penalties.
Copyright © 2017 Tata Consultancy Services Limited

www.tcs.com
Evolving regulatory requirements and customer demands are leading insurers to embrace innovative An Overview of TCS Business Operations for the Insurance Industry
ways to enhance operations. The new age customer expects an omni-channel experience along with
personalized and efficient service. Given the recent slow economic growth, rising claims expenditure, ireme
n t an d Pe n s
io
and lower premium realization, insurers are constantly looking to optimize costs. Moreover, delivering Re t ns

customer-centric products and services has always been a priority. n Plan Management and Pr
Enrolment Processing o
Tata Consultancy Services' (TCS') Business Operations for the Insurance Industry helps you achieve Contribution and

i ty

pe
n

Disbursements

rt
nu
sustainable growth and profitability while staying relevant to customer needs. We provide Member Services

y
n

An

an
Customer Services and
comprehensive support for front-office (call center, third-party administrator) and core business n

Regulatory Reporting

dC
an
operations (new business, policy administration, claims), as well as infrastructure services (network,

asu
n New Business and n New Business and

Life
telecom data centers). We proactively partner with you to address the demands of a changing Agency Services Underwriting

alty
TM n Underwriting and Risk n Policy Servicing and
marketplace through our ValueBPS approach. This includes our expertise in insurance analytics and Assessment Administration
Policy Administration Analytics | Risk and Claims Processing
an industry leading platform – TCS BaNCS that enable insurers to improve processes and enhance n

n Claims Processing Compliance| F&A |

n

n Agency Management
Customer Service
customer experience.

Overview Our Solution The TCS Advantage

Flexibility is key to growth in a marketplace dominated by Our comprehensive services include: TCS has a proven track record of providing high quality solutions BPaaS Platforms: The TCS BaNCS platform ensures regulatory
changing customer preferences. Insurers also need to and significant business value. By partnering with us, you tracking and compliance, fosters collaboration, and delivers
n Life and Annuity: We have extensive experience in end-to- benefit from: BPaaS at various pricing models. This enables faster time-to-
demonstrate capital adequacy and financial solvency to ensure
end platform based life and annuity processes. We offer core market, rapid scalability, updated data, legacy modernization,
regulatory compliance. Therefore, enhancing efficiency and process services and underwriting for new business, policy ValueBPSTM: Our ValueBPSTM approach helps enterprises and a single view of the customer.
effectiveness, and anticipating customer behavior is vital. administration and billing, claims processing, producer and improve business performance by leveraging our deep domain
agency services, finance and accounting (F&A), actuarial and expertise and operations redesign methodologies such as Robotic Process Automation: Our suite comprises more than
TCS Insurance Business Operations enables insurers to deliver
analytics. FORETM. Our innovative solutions enable faster launch of 50 RPA components and addresses every business process
superior business performance with services spanning life,
products and services, lower operating costs, and enhance scenario. Insurers have improved their productivity, accuracy,
retirement, annuities, property, and casualty. Our business n Retirement and Pensions: Our offerings cover the retirement processing speed and accuracy. These help you achieve market and compliance through the use of self-learning robots that
services encompass actuarial and analytics services, core life cycle including plan administration, institutional and leadership and improve customer retention while enabling scale integrate domain-specific standards and compliance
business operations, enterprise services, and front-office individual operations, and plan audit support. The offering and flexibility. requirements.
operations. Our ValueBPSTM approach helps you respond to value chain includes plan management, new business and
customer demands with increased flexibility and agility. enrolments, contribution and disbursements, member Industry Domain Expertise: Our experience working with Delivery Excellence: Our Global Network Delivery Model
The TCS BaNCS platform drives innovation to address customer servicing, customer services, and F&A. leading insurers and a company-wide culture of constant (GNDMTM) provides insurance companies with the necessary
demands for faster and efficient services. Our expertise in data innovation make us the ideal partner to conceptualize and flexibility to operate across global locations. Varied delivery
analytics and predictive modeling enables enhanced customer n Property and Casualty: Our services cover activities across develop innovative solutions. options and a global workforce drawn from across 80 countries
personal and commercial lines of business. This includes enable us to drive superior value for each client.
segmentation and reduces fraudulent claims. Our platform Analytics and Insights: We use analytics to mine the wealth of
functional areas of new business and underwriting, policy
solutions for policy administration improve product launches, data available across the value chain of insurance operations.
holder services, claims processing, and agency
reduce time-to-market, and enhance straight-through This results in significantly enhanced process outcomes.
management.
processing (STP). We also leverage Robotic Process Automation
(RPA) to improve underwriting productivity and In addition, we offer enterprise services such as procurement,
claims processing. HR, Business Process Management (BPM), and actuarial support.

Benefits

n Up to 45% reduction in cost of operations through n Up to 15% reduction in overhead costs by implementing the n Over 90% STP to enhance scheme accessibility and n Over 30% reduction in misrouted paperwork by optimizing
application consolidation and platform migration Universal Product Code (UPC) billing model stakeholder experience through digital transformation enrolment processes

n Up to 97% opt-outs through digital channels n Up to 70% faster agent onboarding and 35% reduction in n Over 30% increase in the subrogation recovery rate by
operational costs by reengineering licensing, contracting, improving the quality of demand letters, and over 40%
and appointment applications improvement in the underwriter's action rate through
improvements in home inspection processes
Evolving regulatory requirements and customer demands are leading insurers to embrace innovative An Overview of TCS Business Operations for the Insurance Industry
ways to enhance operations. The new age customer expects an omni-channel experience along with
personalized and efficient service. Given the recent slow economic growth, rising claims expenditure, ireme
n t an d Pe n s
io
and lower premium realization, insurers are constantly looking to optimize costs. Moreover, delivering Re t ns

customer-centric products and services has always been a priority. n Plan Management and Pr
Enrolment Processing o
Tata Consultancy Services' (TCS') Business Operations for the Insurance Industry helps you achieve Contribution and

i ty

pe
n

Disbursements

rt
nu
sustainable growth and profitability while staying relevant to customer needs. We provide Member Services

y
n

An

an
Customer Services and
comprehensive support for front-office (call center, third-party administrator) and core business n

Regulatory Reporting

dC
an
operations (new business, policy administration, claims), as well as infrastructure services (network,

asu
n New Business and n New Business and

Life
telecom data centers). We proactively partner with you to address the demands of a changing Agency Services Underwriting

alty
TM n Underwriting and Risk n Policy Servicing and
marketplace through our ValueBPS approach. This includes our expertise in insurance analytics and Assessment Administration
Policy Administration Analytics | Risk and Claims Processing
an industry leading platform – TCS BaNCS that enable insurers to improve processes and enhance n

n Claims Processing Compliance| F&A |

n

n Agency Management
Customer Service
customer experience.

Overview Our Solution The TCS Advantage

Flexibility is key to growth in a marketplace dominated by Our comprehensive services include: TCS has a proven track record of providing high quality solutions BPaaS Platforms: The TCS BaNCS platform ensures regulatory
changing customer preferences. Insurers also need to and significant business value. By partnering with us, you tracking and compliance, fosters collaboration, and delivers
n Life and Annuity: We have extensive experience in end-to- benefit from: BPaaS at various pricing models. This enables faster time-to-
demonstrate capital adequacy and financial solvency to ensure
end platform based life and annuity processes. We offer core market, rapid scalability, updated data, legacy modernization,
regulatory compliance. Therefore, enhancing efficiency and process services and underwriting for new business, policy ValueBPSTM: Our ValueBPSTM approach helps enterprises and a single view of the customer.
effectiveness, and anticipating customer behavior is vital. administration and billing, claims processing, producer and improve business performance by leveraging our deep domain
agency services, finance and accounting (F&A), actuarial and expertise and operations redesign methodologies such as Robotic Process Automation: Our suite comprises more than
TCS Insurance Business Operations enables insurers to deliver
analytics. FORETM. Our innovative solutions enable faster launch of 50 RPA components and addresses every business process
superior business performance with services spanning life,
products and services, lower operating costs, and enhance scenario. Insurers have improved their productivity, accuracy,
retirement, annuities, property, and casualty. Our business n Retirement and Pensions: Our offerings cover the retirement processing speed and accuracy. These help you achieve market and compliance through the use of self-learning robots that
services encompass actuarial and analytics services, core life cycle including plan administration, institutional and leadership and improve customer retention while enabling scale integrate domain-specific standards and compliance
business operations, enterprise services, and front-office individual operations, and plan audit support. The offering and flexibility. requirements.
operations. Our ValueBPSTM approach helps you respond to value chain includes plan management, new business and
customer demands with increased flexibility and agility. enrolments, contribution and disbursements, member Industry Domain Expertise: Our experience working with Delivery Excellence: Our Global Network Delivery Model
The TCS BaNCS platform drives innovation to address customer servicing, customer services, and F&A. leading insurers and a company-wide culture of constant (GNDMTM) provides insurance companies with the necessary
demands for faster and efficient services. Our expertise in data innovation make us the ideal partner to conceptualize and flexibility to operate across global locations. Varied delivery
analytics and predictive modeling enables enhanced customer n Property and Casualty: Our services cover activities across develop innovative solutions. options and a global workforce drawn from across 80 countries
personal and commercial lines of business. This includes enable us to drive superior value for each client.
segmentation and reduces fraudulent claims. Our platform Analytics and Insights: We use analytics to mine the wealth of
functional areas of new business and underwriting, policy
solutions for policy administration improve product launches, data available across the value chain of insurance operations.
holder services, claims processing, and agency
reduce time-to-market, and enhance straight-through This results in significantly enhanced process outcomes.
management.
processing (STP). We also leverage Robotic Process Automation
(RPA) to improve underwriting productivity and In addition, we offer enterprise services such as procurement,
claims processing. HR, Business Process Management (BPM), and actuarial support.

Benefits

n Up to 45% reduction in cost of operations through n Up to 15% reduction in overhead costs by implementing the n Over 90% STP to enhance scheme accessibility and n Over 30% reduction in misrouted paperwork by optimizing
application consolidation and platform migration Universal Product Code (UPC) billing model stakeholder experience through digital transformation enrolment processes

n Up to 97% opt-outs through digital channels n Up to 70% faster agent onboarding and 35% reduction in n Over 30% increase in the subrogation recovery rate by
operational costs by reengineering licensing, contracting, improving the quality of demand letters, and over 40%
and appointment applications improvement in the underwriter's action rate through
improvements in home inspection processes
 Insurance Business Operations
Business Operations

Awards & Recognition

2016

To know more
Visit the Business Operations page on tcs.com
Email: bps.connect@tcs.com
Blog: AgileBusiness

About Tata Consultancy Services Ltd (TCS)

Tata Consultancy Services is an IT services, consulting and business solutions organization that
delivers real results to global business, ensuring a level of certainty no other firm can match.
TCS offers a consulting-led, integrated portfolio of IT and IT-enabled infrastructure, engineering
and assurance services. This is delivered through its unique Global Network Delivery ModelTM,
recognized as the benchmark of excellence in software development. A part of the Tata Group,
India’s largest industrial conglomerate, TCS has a global footprint and is listed on the National
Stock Exchange and Bombay Stock Exchange in India.

For more information, visit us at www.tcs.com

IT Services
Business Solutions
TCS Design Services I M I 01 I 17

Consulting

All content / information present here is the exclusive property of Tata Consultancy Services Limited (TCS). The content / information contained
here is correct at the time of publishing. No material from here may be copied, modified, reproduced, republished, uploaded, transmitted, posted
or distributed in any form without prior written permission from TCS. Unauthorized use of the content / information appearing here may violate
copyright, trademark and other applicable laws, and could result in criminal or civil penalties.
Copyright © 2017 Tata Consultancy Services Limited

www.tcs.com