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TCS demonstrates BaNCS to boost digital strategy for insurance carriers

Tata Consultancy Services, an IT services, consulting and business solutions firm has demonstrated BaNCS platform at IASA 2014.

Built on data analytics, mobility, portal and social media, the BaNCS will enable insurance carriers to their the digital divide through Analytics and by leveraging ISO Electronic Rating Content (ERC) information.

Combined with ISO ERC, the TCS BaNCS delivers a richly functional core platform that assists carriers better serve thier customers while meeting their varying future aspirations and needs.

Celent insurance analyst Mike Fitzgerald said: "TCS has demonstrated significant commitment to enable cost reduction and save precious time for Carriers through ERC integration.

"The anticipated shifts in the industry will compel significant changes by all players and it is an opportunity especially for technology players to make a difference."

TCS vice president Vijaya Deepti commented: "TCS BaNCS is built on that promise of enterprise-wide transformation where a carrier can take a quantum leap from the Legacy age into the New age business environment."

The company noted that the ISO ERC integration provides the possibility of utilizing ISO rating information and changes as input into automated rate comparisons, predictive modeling and other advanced analytical methodologies, in line with the TCS digital strategy.

As part of the product roadmap, TCS BaNCS has also expanded its capability to drive transformation using big data and analytics, mobility, social media and portal.