TCS helps LIC automate operations across 5 GCC countries

Tata Consultancy Services (TCS) today announced the successful deployment of its insurance product `TCS BaNCS' at the Life Insurance Corporation (International) helping LIC to automate operations across five countries in the Gulf Cooperation Council (GCC).

The TCS BaNCS solution integrates all operations of LIC (International) across the GCC on a single platform for traditional as well as unit-linked businesses. Besides, it gives LIC (International) increased operational control, process efficiencies, superior customer service capabilities and rapid time to market, TCS said in a release.

The solution helps LIC (International) deploy common insurance processes across all countries in the GCC without compromising on local requirements such as currency, and driving all validations, calculations and processing sequences centrally.

With a fully automated solution, LIC (International)'s operations are now more efficient, resulting in higher throughput, while customers can benefit from improved service levels.

The solution also helps LIC (International) introduce new products to the market rapidly through creation and modification to products using the Product designer workbench component.

LIC (International) is one of the largest Insurance companies in the GCC in sales volumes. With the TCS BaNCS insurance product suite becoming operational, LIC (International) is now able to manage all of its operations in the Middle East on a single, centralised platform through efficient processes, transactions and improved customer service.