TCS Innovation Labs - Insurance

 

In today’s digital era, changed circumstances are the new normal. If your business has to realize strategic differentiation, an innovation ecosystem is no longer optional - it is essential. Partner with TCS’ Innovation Labs and lay the foundation to become a digital insurance enterprise.

In order to remain competitive, insurers need efficient distribution channels that optimize asset utilization and support creation of niche products that are critical to remain viable and relevant. Additionally, increased regulatory and risk management requirements are compelling insurers to look for new ways to achieve operational excellence while reducing costs. Accounting for and addressing these trends requires threading the elements of innovation into your business strategy.

TCS is at the forefront of innovation. The TCS Insurance Innovation Lab combines global presence with research-based solutions in advanced technologies to offer the following:

• TCS Digital Insurance Agent Solution: Created on a mobile platform, this intuitive, comprehensive solution increases agents’ productivity by providing them the right product and service information at the right time. This leads to faster and more efficient sales and services and a reduction in selling costs. 
  
  
• TCS Digital Insurance Virtual Advisor Solution: Designed to increase customer satisfaction as well as facilitate employee training, our solution features an interactive animated character as the virtual assistant. By providing customers with a self-service mode to complete transactions online, our solution increases user satisfaction and enhances the user experience, while simultaneously reducing associated service and call center costs. It also opens up avenues for up-selling and cross-selling. 
  
  
• TCS Digital Insurance Risk Assessment Solution: By converting data from various enterprise and external sources into configurable geo-spatial risk layers, our solution aids commercial property underwriters assess the potential risk of natural disasters in a specific location. It helps drive informed GIS-driven risk management decision making. Additionally, the availability of visual data minimizes the need for live site visits, thereby reducing costs.
  
  
• TCS Digital Insurance Telematics Solution: Our smartphone-based mobile telematics application enables the adoption of a cost-effective telematics business model without expensive black box technology. The availability of customer analytics, engagement with customers and the customer experience are all greatly enhanced with this solution.

TCS Innovation Labs - Insurance

Research Areas:-

• Improving operational efficiency of various key stakeholders including insurers, policy holders, agents and service providers through the use of emerging technologies
• Managing customer lifestyle through proactive advice and support in the area of health, travel and automobiles 
• Improving customer experience and relationship through customer self-service systems, business process management, customer profiling and customer-driven product design 
• Insurance Product Innovation in the creation of new products to meet the changing market needs as well as in the process of designing and launching new products 
• Enabling micro insurance especially in emerging markets like India and China by offering convenience at an affordable cost using technology
• Straight Through Processing (STP) and Process Improvements in the insurance business process  
• Improving member experience with Web 2.0
• Business Intelligence and Analytics in insurance
• Next Generation Architecture for IT Systems for Insurance: Software as a Service (SaaS), Cloud Computing (CC) solutions for insurance
• Model Driven Development (MDD) and Testing for developing large IT systems for Insurance
• Reference Architecture for insurance systems