Tata Consultancy Services will deploy its flagship product TCS BaNCS™ for Insurance to enable Dhofar Insurance Company (Oman) to improve customer and advisor experience across multiple product lines.
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has partnered with Dhofar Insurance Company (DIC), the largest insurance enterprise in Oman. DIC will implement TCS’ flagship offering, TCS BaNCS™ for Insurance, as part of its long-term growth and transformation program.
Incorporated in Oman in 1989, Dhofar Insurance Company has a market share of over 18% in the general insurance space in the region. 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, said “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 are confident that TCS BaNCS™ for Insurance will meet our business needs and help us deliver superior insurance services.”
R Vivekanand, President, BFSI Products & Platforms, TCS, added: “We are delighted to partner with Dhofar Insurance Company on the modernization journey of their insurance platform, and further expand our presence in the region. We are 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.”
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, said “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 have 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.”
This partnership reaffirms TCS’ position as a digital transformation partner of choice in the MEA region, operating in nine countries with a strong presence for more than three decades. With a workforce of more than 9,000 associates serving more than 150 customers regionally, it has been recognized as a Top Employer by the Top Employers Institute for eight consecutive years in the UAE, Saudi Arabia, and South Africa.
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. Deployed at more than 75 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry, made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
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