TCS Powers GIC's Motor Insurance

TCS Financial Solutions, a subsidiary of Tata Consultancy Services (TCS), has implemented TCS BaNCS Insurance Platform for General Insurance Corporation of India's (GIC) third party insurance.

TCS BaNCS Insurance solution will facilitate timely and accurate apportionment of premium, claims, service tax and other incomes and expenses, enabling an efficient multilateral reinsurance arrangement between the constituents of Indian Motor Third Party Insurance Pool (IMTPIP).

Integrated in association with GIC's Motor Pool administrator, the system would provide centralised automatic, rule-based processing of all commercial vehicles third party motor insurance business, a TCS release said.

"The use of such systems will ensure a competitive advantage in the market, giving insurers the ability to adapt to changing market conditions, leverage single platforms for multiple lines of business, and reduce maintenance costs," Gartner's vice president (research) Kimberly Harris Ferrante said.

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