August 10, 2018

Bahrain's SNIC Insurance selects TCS BaNCS for growth and competitive advantage

Robust core platform to support multiple lines of business, speed new product launches and elevate customer service

MUMBAI: Tata Consultancy Services (TCS) (BSE: 532540, NSE:TCS), a leading IT services, consulting and business solutions organisation, announced that Bahrain-based SNIC Insurance (formerly known as Saudi National Insurance Company) has selected TCS BaNCS for Insurance to support its ambitious digital transformation strategy in order to establish a unique leadership position in the market.

TCS BaNCS will power SNIC’s strategy and enable competitive advantage by supporting general and medical insurance, financials and business intelligence. By leveraging this core platform, the company will be able to harmonise several existing product lines as well as roll out new products faster. As part of this mission-critical transformation, SNIC Insurance plans to replace the existing core policy administration system (PAS) with a new comprehensive solution that can not only support existing operations but also power future growth aspirations.

Outlining the vision and rationale for this platform replacement, Khalid Al Shaikh, general manager of SNIC, said, “Our mantra is to go the second mile in customer service – to go beyond their demands – and deliver a truly great experience. We want to stand out in the crowded marketplace with an agile platform that allows us high-velocity responsiveness as well as the ability to anticipate change. The only way we can distinguish ourselves and grow our franchise is through unparalleled customer experience, quick product delivery and innovation. We have selected TCS BaNCS for Insurance as it is an out-of-the-box solution that meets all our needs and enables us to differentiate ourselves in the market.”

"We are excited to participate in this key transformation in Bahrain which powers SNIC to the next level of growth. Our implementation of TCS BaNCS will not only cater to their present requirements, but also their future needs across their general and life insurance business lines on a single platform with a unified customer experience," said Venkateshwaran Srinivasan, head, TCS Financial Solutions. ”TCS BaNCS, with its superior architecture and comprehensive functionality, has become the preferred core platform for forward-thinking insurance companies looking to build competitive differentiation through greater agility, product innovation and outstanding customer experience.”