Solidarity Bahrain Selects TCS BaNCS for Insurance as its Core Digital Platform

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting, and business solutions organization, announced that Solidarity Bahrain B.S.C., a leading insurance provider in Bahrain,has selected TCS BaNCS as its core platform for digitally transforming its property and casualty and takaful group life insurance businesses.

As part of this digital transformation, Solidarity Bahrain will replace its existing core policy administration system with a comprehensive solution that can not only support existing operations but also power its future growth. With its rich functionality and set of exposed APIs that help integrate with surrounding ecosystems, the TCS BaNCS solution will help enhance the experience across the lifecycle of customer and intermediary journeys, offering greater self-service and convenience. Powered by a configurator and rules engine, the solution will enable rapid product innovation. Further, digitized workflows and automation will reduce turnaround times and enable prompter customer service.

Ashraf Bseisu, Chief Executive, Solidarity Group, said, “The new core system will enhance our insurance services and allow us to provide more distinctive and versatile solutions that meet market demands. We aim at revolutionizing the insurance industry through service innovation and a customer focused approach. Our partnership with TCS stems from our firm belief that both organizations are aligned in their passion to re-think the concept of insurance for a digitally enabled world.”

Jawad Mohamed, CEO, Solidarity Bahrain, said, “We have built a strong reputation in the industry in the past decade. We have found an emerging customer need for technologically capable insurance services. Our partnership with TCS is geared towards propelling Solidarity in its quest towards leading the insurance industry’s innovative digital transformation and in the adoption of Fintech and Insurtech solutions.”

“TCS BaNCS’ comprehensive and integrated capabilities will help Solidarity Bahrain differentiate itself in a Business 4.0™ world and achieve its growth and transformation objectives,” said Venkateshwaran Srinivasan, Vice President and Head, TCS Financial Solutions. “Our partnership with Solidarity Bahrain provides a further fillip to our strong presence in the Middle East. We are committed to the success of this mission critical program.”

TCS BaNCS for Insurance is a single integrated solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance and is designed to support every event in the lifecycle of a policy. Its parameter-driven, extendable and interoperable architecture allows insurance companies to configure and launch new products quickly. The solution is based on a digital core, and supports conversational AI and Quartz for Blockchain, all of which help insurers expand their business, collaborate, connect, and leverage the power of newer and richer ecosystems.