Bajaj Allianz General Insurance moves core operations to TCS Bancs on cloud

“With this new cloud platform, we will be able to leverage an array of digital technologies in addition to optimizing our infrastructure for better availability and scalability,” Tapan Singhel, Managing Director and CEO, Bajaj Allianz General Insurance, said.
Bajaj Allianz General Insurance has moved its insurance administration system to the Cloud using IT services provider TCSNSE -1.56 %’ BaNCS platform, in what is perhaps the first instance of an Indian insurer leveraging the public cloud to manage core operations.
Cloud has been used for smaller, add-on systems but as core systems begin to move, experts forecast a massive growth in the country’s cloud market.
“With this new cloud platform, we will be able to leverage an array of digital technologies in addition to optimizing our infrastructure for better availability and scalability,” Tapan Singhel, Managing Director and CEO, Bajaj Allianz General Insurance, said.
The insurer uses TCS BaNCS cloud for insurance on the Amazon Web Services platform, a deal structure that typically allows a client to cut costs by eliminating the need to maintain private servers.
“In a Digital First, Cloud First world, TCS BaNCS for Insurance is the digital core that has been helping progressive insurers across the world accelerate their Business 4.0™ journeys, power their growth and create exponential value for their stakeholders,” said Ujjwal Mathur, Country Head, TCS India.
The Bancs platform has been winning a slew of deals over the last few years — from the multi-billion dollar insurance administration play in the UK and US markets to smaller deals with regional banks and credit unions to run core banking systems.

Source : The Economic Times

Date: 8/1/2020

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