Standard Bank selects TCS BaNCS for Digital Transformation of Insurance Claims

TCS will now deploy its cloud-based BFSI solution TCS BaNCS for Standard Bank short term insurance business.

Standard Bank employs around 50000 individuals across the globe; as of 2020, its revenue was around $9 billion. The company serves around 10 million customers with having close to 600 branches and 1800 ATMs in India.

Dr Nolwandle Mqoqi, Head of Insurance, Standard Bank South Africa, said, "Customer satisfaction and loyalty are of utmost importance to us and with TCS BaNCS Cloud for Insurance’s SaaS-based solution, we expect to vastly improve policy holder claims experiences, deliver superior performance in a secure environment and benefit from the scale that a highly configurable solution offers. We have been a leading cloud adopter in the region and selecting TCS BaNCS Cloud as one of the partners is the next step in this journey. Availing TCS’ analytics tool for intelligent insights, we will approach product innovation differently, take advantage of new opportunities and deliver differentiated customer experiences."

R Vivekanand, Co-Head, TCS Financial Solutions, said, "TCS cherishes the over 20-year relationship with the Standard Bank Group and our long-standing commitment to the South African financial services industry. We are pleased to be selected as the strategic partner to the company for this engagement. TCS BaNCS Cloud for Insurance will help Standard Bank’s short-term insurance enhance customer experience, reduce operational risk, improve claims efficiencies, and take advantage of emerging opportunities by seamlessly collaborating with an extended innovation ecosystem of insurtechs. This claims transformation sets up Standard Bank well for its next leg of thought leadership and client-centered delivery in the South African market."

As a part of the digital transformation partnership, Standard Bank will use TCS BaNCS for the digitization of its insurance claims.

TCS will offer its solution on a Software-as-a-Solution (SaaS) model on AWS Cloud. Standard Bank is expecting the new solution will help close to 50 products across the four claims administration platforms become more effective and efficient.

BaNCS will also help integrate 15 different applications, which include the Standard bank enterprise GL system, payment gateway, business intelligence solutions, customer relationship management, and some other insurance-related peripheral systems.

TCS revealed that its API for the BFSI would allow Standard Bank insurance to connect with some other ancillary systems easily. TCS will further deploy a data insights and analytics tool to help speed up claims settlements, notes the announcement.