Tata Consultancy Services has announced that it will enhance its TCS BaNCS for Insurance solution suite through integration of ISO Electronic Rating Content into the TCS BaNCS rating engine. The feature will provided expanded support for personal and commercial lines products, eliminating the need for manual entry of loss costs and interpreting rate rules, a process that the vendor acknowledges is both time consuming and introduces the possibility of human error.
“Taking cost out the insurance process is a continuing challenge for carriers,” comments Mike Fitzgerald, senior analyst, Celent. “A successful integration with ERC reduces effort and improves quality.”
The integration of ISO content reflects TCS’s commitment to finding opportunities to enhance speed-to-market and lower systems costs, according to Vijaya Deepti, head of Insurance Solutions, TCS Financial Solutions. “As a result of this association, carriers will be able to quickly go live with new product definitions, and there will be a large reduction in the amount of redundant activity that carriers have to perform, which, in turn, will reap significant savings in costs and boosts in efficiencies,” he comments.
TCS BaNCS Product Workbench and Rules Engine, built over a metadata-based model, will provide automated tools to directly upload the electronic rating content from ISO, according to TCS. The vendor asserts that new product launches will be possible via the implementation-level details ISO has defined for premium calculations, forms attachment logic, statistical code assignment and validation messages.