Standard bank selects TCS BaNCS cloud for digital claims transformation in short term insurance

Tata Consultancy Services (TCS), a global IT services, consulting and business solutions organization, announced that Standard Bank’s short-term insurance business in South Africa has selected TCS BaNCS™ Cloud for Insurance to power its digital claims transformation and reaffirm its leadership in the region.

TCS BaNCS Cloud for Insurance will be offered on a SaaS model on AWS Cloud and will help the insurer harmonize more than 60 products spread across four claims administration platforms, enabling faster and accurate claims processing. The solution will also integrate with 16 different downstream applications including the enterprise GL system, payment gateway, CRM, business intelligence solutions, as well as all other peripheral systems identified in Standard Bank Insurance’s technology roadmap.

Combined with a cloud-first approach, a faster claims processing engine and high configurability, the solution will help Standard Bank Insurance improve operational efficiency and streamline claims management. TCS BaNCS APIs will help Standard Bank Insurance connect to ancillary systems easily and offer personalized experiences to their customers. Additionally, TCS’ analytics and data-driven insights tool will help in decreasing customer churn and speed up decision-making related to claims settlements.

Dr Nolwandle Mqoqi, Head of Insurance, Standard Bank South Africa, said, “Customer satisfaction and loyalty are of utmost importance to us and with TCS BaNCS Cloud for Insurance’s SaaS-based solution, we expect to vastly improve policy holder claims experiences, deliver superior performance in a secure environment and benefit from the scale that a highly configurable solution offers. We have been a leading cloud adopter in the region and selecting TCS BaNCS Cloud as one of the partners is the next step in this journey. Availing TCS’ analytics tool for intelligent insights, we will approach product innovation differently, take advantage of new opportunities and deliver differentiated customer experiences.”
R Vivekanand, Co-Head, TCS Financial Solutions. TCS cherishes the over 20-year relationship with the Standard Bank Group and our long-standing commitment to the South African financial services industry. We are pleased to be selected as the strategic partner to the company for this engagement. TCS BaNCS Cloud for Insurance will help Standard Bank’s short-term insurance enhance customer experience, reduce operational risk, improve claims efficiencies, and take advantage of emerging opportunities by seamlessly collaborating with an extended innovation ecosystem of insurtechs. This claims transformation sets up Standard Bank well for its next leg of thought leadership and client-centered delivery in the South African market.”

TCS BaNCS Cloud for Insurance is an end-to-end rules-driven core insurance platform spanning capabilities in underwriting, customer policy servicing, claim processing, co-insurance, finance, reporting and branch operations across P&C, Health and Life insurance businesses.
This SaaS offering has been adopted by banks and financial institutions of varying sizes across the globe for its future-ready digital architecture, functionality, business agility and operational efficiency.

Its proven application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance. Cloud agnostic, it ensures that customers gain from a standardized and consistent platform.

With a predictable and committed roadmap, systematic regulatory updates, and a complete operational model it provides customers with the reassurance to concentrate on their core competencies rather than on building and maintaining costly IT infrastructure. TCS BaNCS Cloud handles over 100 million transactions per month for more than 220 customers across the world.

www.tcs.com

www.standardbank.com

[Kenya] AAR Insurance partners with Safaricom to migrate to the cloud

AAR Insurance has inked a deal with telecommunications provider Safaricom to roll out new technology infrastructure based on the Amazon Web Services (AWS) as part of its goal to be a full digital insurance company.

The medical underwriter has begun migrating its digital tools and core systems to the AWS platform in a move that will offer clients more secure and efficient digital services.

The AWS cloud computing service will also help interface AAR Insurance digital channels – Mobile Apps, USSD services, web portals and chatbots – with the company’s core insurance technology systems thus enhancing operational efficiency while reducing costs and service downtime.

AAR Insurance Kenya Managing Director, Nixon Shigoli, says migrating all the core insurance platforms and business Applications to AWS will help the company achieve its strategic goals on digital transformation including moving all client interactions to mobile.

“AWS offers services that are affordable and flexible to grow with us as our business evolves. Besides providing enhanced and robust security features to support our business data infrastructure, AWS is reliable and customizable to our unique environment,” said Mr. Shigoli.

He added that Cloud infrastructure is critical to AAR operations as it will enable rapid deployment of Applications and is easy to adjust as needs and resource demands change.

“Moving our information assets, core systems and digital tools to the Cloud presents attractive opportunities for the realization of our goal of being a full digital insurance provider, by creating an environment for customers to enjoy end-to-end services through their phones and digital devices,” he added.

The AWS Cloud service uses the pay-as-you-go model meaning AAR Insurance will no longer have to deploy expensive hardware infrastructure on premise.

On his part, Safaricom CEO Peter Ndegwa says the AWS Cloud infrastructure offers businesses, including insurance firms, a highly scalable and secure experience to grow and support digital channels.

“AAR Insurance Kenya becomes the first insurance company locally for whom we are implementing the AWS Cloud platform. We are delighted to be part of the digital transformation at AAR and overall growth of digital insurance in Kenya,” said Mr. Ndegwa.

He pointed out that an increasingly digital consumer ecosystem requires robust technology infrastructure to support web Applications among other critical tools underpinning a superior customer experience.

“Cloud is the new normal and most businesses today have either already moved their operations into the cloud or are in the process of migrating,” explained the Safaricom boss.

So far, AAR Insurance has rolled out a number of digital platforms through which clients can enroll and pay for medical, travel and personal accident insurance, manage and track treatment expenses, using phones and other devices. They can also interact real-time with AAR Insurance through WhatsApp.

www.aar-insurance.com

www.safaricom.co.ke

[South Africa] SA Taxi adopts FICO’s cloud-based solutions to drive lending growth

SA Taxi, a financier of over 10 percent of South Africa’s minibus taxi fleet – the nation’s most affordable public transport used by 15 million people daily – has introduced FICO’s cloud-based decision management solution to drive lending growth of 25 percent. The FICO® Blaze Advisor® Decision Rules Management System has also reduced decision time on applications from two hours down to 10 minutes, while improving controls, capturing rules and creating an audit trail.

Rapid growth had meant the company’s manual processing system was becoming overwhelmed – with a lack of consistent and timely decisions adversely affecting business growth.

“When credit changes were required, they were simply added to the queue with the rest of our IT changes – which always had a higher priority,” said Itumeleng Nomlomo, senior credit analyst at SA Taxi. “This left the business with no option but to resort to manual decisioning, which really constrained our agility and created a number of issues such as inconsistent credit decisions.”

SA Taxi implemented FICO’s Blaze Advisor solution to integrate automated decision-making into its origination process. The decision management solution ensured reliable and consistent credit decisions that were in line with its strategy and business rules. Its cloud-based application lifted the infrastructure burden being placed on the business, which had become considerable. And its flexibility allowed SA Taxi’s business managers to configure rules without development/technical support from FICO, as and when its strategy changed.

“SA Taxi has embraced the power of a cloud deployed solution and reaped the rewards through incredible improvements in agility and efficiency,” said Michelle Beetar, managing director for sub-Saharan Africa at FICO.  “By automating the decisioning element, the team has been able to spend more time on strategy, analytics and enhancing the current process.”

For its achievements, SA Taxi won a 2019 FICO® Decisions Award for Cloud Deployment.

“SA Taxi has overcome the challenge of translating what seems to be a simple idea into a workable solution,” said Denise Sleem, functional specialist Afrocentric Technologies, one of the FICO Decisions Awards judges. “SA Taxi has really impressed by building a flexible solution to support the growth needs of their business and their clients through their digital transformation project.”

www.sataxi.co.za

www.fico.com

[South Africa] SilverBridge bets on cloud to bolster insurance uptake and experience

With more than two decades’ experience in the insurance market, SilverBridge has continually evolved to deliver on market requirements. With the significant investment by global cloud providers in the country, the organization is well positioned to continue doing so.

“The company has always built specialized solutions for insurers and delivered a unique set of services to its customers. Historically, this has seen our policy administration solution, Exergy being deployed on-premise using customer infrastructure,” says Lee Kuyper, COO at SilverBridge.

However, with the cloud becoming a strategic priority for many organizations, the groundwork the organisation has done with its partnership with Microsoft over the years is positioning it strongly for the next phase of its journey.

“This has seen SilverBridge working closely with Microsoft to re-architect our solutions for the cloud. Three years ago, SilverBridge moved its first customer to the Microsoft Azure cloud. The timing was opportune as this was the same time that Microsoft was changing their business model to a cloud consumption business. Since then, Microsoft has invested heavily a local data centre, which together with their focus on security and compliance, has allayed any concerns financial services providers may have when migrating to a cloud environment. With Microsoft as a secure and available platform, SilverBridge is highlighting the ability of the cloud to provide insurers with a more cost-effective, secure, and powerful alternative to traditional hosted solutions.”

Subsequently, as a Microsoft Managed Partner, SilverBridge has continued to work closely with the organisation and has resulted in Exergy becoming a Microsoft Prioritised Co-Sell Ready solution for the Middle East and Africa region. This means that Microsoft will incentivise its own sales teams to sell the Exergy solution.

“We are excited with these partnership developments, with Microsoft backing SilverBridge as a leading solutions provider in the insurance industry. This puts us in a great position to assist our clients in getting value from the cloud in their businesses. SilverBridge is in a position to continue, with Microsoft, to bring solutions to the insurance industry which not only benefit from SilverBridge’s industry specific experience and expertise, but also Microsoft’s leading technology,” concludes Kuyper.

www.silverbridge.co.za