Tata Consultancy Services (TCS), the Indian IT services MNC, has partnered with Dhofar Insurance Company (DIC), one of the largest insurance enterprises in Oman. Under the agreement, TCS would implement its flagship offering in BaNCS for Insurance software application with DIC.
R Vivekanand, President, BFSI Products & Platforms, TCS, said, “We’re delighted to partner with Dhofar Insurance Company on the modernization journey of their insurance platform, and further expand our presence in the region. We’re confident that Dhofar Insurance Company will be able to achieve breakthroughs in productivity, elevate customer and advisor experience with the Next-gen TCS BaNCS; and in the process accelerate business outcomes.”
As a part of the collaboration, TCS will accelerate DIC’s digital transformation journey, by setting up a modern insurance platform with next-gen technologies and improve customer and advisor experience across its key business offerings including life, medical, general and motor insurance. TCS will help DIC harmonize several existing product lines and drive business agility while rolling out new products.
Sunil Kohli, CEO, Dhofar Insurance Company, commented, “As part of our transformation journey, it was important for us to modernize our core insurance platform and focus on innovation, while improving end-to-end customer experience benchmarks in the Middle East insurance industry.”
“TCS BaNCS was carefully selected for its breadth and depth of functionality and TCS’ successful track record of delivering core Insurance transformation in the Middle East region. We’ve a firm conviction that TCS BaNCS for Insurance will meet our business needs and help us deliver superior insurance services,” added Kohli.
TCS has a presence of over 20 years in Oman and is working with leading companies in the field of telecom, securities and some of the biggest banks and financial institutions in the country. TCS also opened its first office in Oman earlier this year, echoing TCS’ commitment to driving digital transformation and supporting the economic and social development goals outlined in Vision Oman 2040.
Sumanta Roy, President and Region Head, TCS MEA, viewed, “Partnering with Dhofar Insurance Company is a significant milestone in our journey to drive digital transformation in the Middle East. Oman is on an exciting journey of innovation and economic diversification. We’ve been working with leading companies in Oman for the past 2 decades, leveraging our global expertise in AI, cloud, and other digital solutions. We look forward to collaborating with Dhofar Insurance Company to create a future-ready insurance platform that aligns with the visionary goals of the Sultanate of Oman.”
TCS BaNCS for insurance is a comprehensive offering suite, supporting a range of insurance products and functions, including customer management, product definition, plan management, policy administration, claims management, insurance accounting and reinsurance, along with a digital suite that can be tailored based on persona, among several options.
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