Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting, and business solutions firm announced, today, that TCS BaNCS for Insurance has expanded its support for personal and commercial lines of business through its proposed integration of ISO Electronic Rating Content - such as automated updates to loss costs, rules and policy form attachment logic - into the TCS BaNCS rating engine.
This feature eliminates the earlier practice of manually entering the loss costs and interpreting rating rules, which is both time consuming and error prone.
"TCS understood the value of ISO Electronic Rating Content and wanted to ensure that their customers would benefit," said Kevin Thompson, President, ISO Insurance Programs and Analytic Services. "We are pleased to welcome them as an ISO Electronic Rating Content associate."
Commenting on this product's new addition, Mike Fitzgerald, Senior Insurance Analyst, Celent, said, "Taking cost out the insurance process is a continuing challenge for carriers. A successful integration with ERC reduces effort and improves quality."
Vijaya Deepti, Head, Insurance Solutions, TCS Financial Solutions, said, "We are continuously looking for opportunities to enhance speed-to-market with new product implementations and lowering costs of maintenance. 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."
ISO is a leading supplier of statistical, actuarial, underwriting and claims information to the property/casualty insurance industry and a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). TCS BaNCS flexible Product Workbench and Rules Engine, built over a metadata-based model, will provide automated tools to directly upload the electronic rating content from ISO. In addition, new products launches will be possible via the implementation-level details ISO has defined for premium calculations, forms attachment logic, statistical code assignment and validation messages.