AgenciesBENGALURU: Bajaj Allianz General Insurance has moved its insurance administration system to the Cloud using IT services provider TCS’ BaNCS platform, in what is perhaps the first instance of an Indian insurer leveraging the public cloud to manage core operations.
Cloud has been used for smaller, add-on systems but as core systems begin to move, experts forecast a massive growth in the country's cloud market.
The insurer uses TCS BaNCS cloud for insurance on the Amazon Web Services platform, a deal structure that typically allows a client to cut costs by eliminating the need to maintain private servers.
“In a Digital First, Cloud First world, TCS BaNCS for Insurance is the digital core that has been helping progressive insurers across the world accelerate their Business 4.0™ journeys, power their growth and create exponential value for their stakeholders,” said Ujjwal Mathur, Country Head, TCS India.
The Bancs platform has been winning a slew of deals over the last few years -- from the multi-billion dollar insurance administration play in the UK and US markets to smaller deals with regional banks and credit unions to run core banking systems.
Last week, TCS said two UK credit unions had moved their core banking systems to the BaNCS cloud platform.
"TCS is proving that it is far from a “one trick pony” with a variety of flavours of BaNCS allowing it to successfully target different segments," Marc Hardwick, a UK-based analyst with research firm TechMarketView, said in a note.
The platform has about 450 installations worldwide, TCS has said previously, and is increasingly a core factor of the company's growth.
Cloud has been used for smaller, add-on systems but as core systems begin to move, experts forecast a massive growth in the country's cloud market.
"With this new cloud platform, we will be able to leverage an array of digital technologies in addition to optimizing our infrastructure for better availability and scalability," Tapan Singhel, Managing Director and CEO, Bajaj Allianz General Insurance, said.
The insurer uses TCS BaNCS cloud for insurance on the Amazon Web Services platform, a deal structure that typically allows a client to cut costs by eliminating the need to maintain private servers.
“In a Digital First, Cloud First world, TCS BaNCS for Insurance is the digital core that has been helping progressive insurers across the world accelerate their Business 4.0™ journeys, power their growth and create exponential value for their stakeholders,” said Ujjwal Mathur, Country Head, TCS India.
The Bancs platform has been winning a slew of deals over the last few years -- from the multi-billion dollar insurance administration play in the UK and US markets to smaller deals with regional banks and credit unions to run core banking systems.
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Last week, TCS said two UK credit unions had moved their core banking systems to the BaNCS cloud platform.
"TCS is proving that it is far from a “one trick pony” with a variety of flavours of BaNCS allowing it to successfully target different segments," Marc Hardwick, a UK-based analyst with research firm TechMarketView, said in a note.
The platform has about 450 installations worldwide, TCS has said previously, and is increasingly a core factor of the company's growth.
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