Innovation Labs – Insurance

Insurance

In today’s competitive insurance industry, to survive and thrive enterprises are turning to innovation to pursue growth and cost-efficiency. Successful innovation strategies help enterprises to optimize asset utilization, and ensure differentiation. While planning such strategies to work around the organic market growth and pricing pressures, enterprises seek to minimize the associated risks. In such a scenario, an ‘innovation partner’ with an understanding of the business strategy and goals, brings in not only the domain and technology expertise, but also the proven execution experience to help you create and implement customer-centric, efficient, agile, and cost-effective innovative solutions and remain future-ready.

Towards this, we, at Tata Consultancy Services (TCS), present our TCS Innovation Labs – Insurance. The Lab provides an environment where we ideate, architect, design, and develop innovative domain solutions using new technologies. These innovative solutions, identified by tracking the industry trends and analyzing the implications, enable insurers to balance opportunity and risk, and thereby realize the desired positive change across the organization.

Overview

Insurers today, recognize that creativity and innovation are paramount for long-term success in a complex yet softening marketplace. The need for innovation is further spurred by global competition, increased consumer demands, commoditization of insurance products, and the rise in adoption of technologies such as mobile and social media by enterprises and consumers. However, this also necessitates a balance between the expected opportunities and risks.

Our Insurance Innovation Lab is well-positioned to help insurers achieve this balance between opportunity and risk. We offer multiple engagement models to meet the

diverse needs of our customers in the innovation space. These engagement models focus on agile methods and the use of rapid systems development to offer a safe environment for trial of new solutions. These flexible engagement models help our customers strike the right balance between operational efficiency and cost, through associated systems and processes. The models may be in the area of conducting innovation day workshops, jointly identifying the innovation focus areas that address the emerging business needs through research, identifying and piloting innovation solutions, and setting up joint innovation labs, to name a few.

Our offerings

The indicative lists of offerings from the Insurance Innovation Lab include:

Process Innovation Solution Description

Product Management

Product Configuration Management System

Sales and Distribution

Mobility Solutions for Sales Force

This solution enables insurers to externalize the product parameters, product rules, and calculation outside the policy administration system, thereby enabling faster time-to-market.

This solution helps enhance the productivity of sales force and agent force by enabling them to perform their activities, such as accessing lead and product details, and generating quotes from their Smartphones.

UnderwritingNextGen Underwriting Solution This solution helps increase the automation and

consistency in the underwriting process, thereby improving the productivity of underwriters.

Customer Servicing

Mobility Solution This solution helps customers enhance their experience with the insurers by enabling them to perform services in a self-service mode using their Smartphones.

Claims

Mobile Loss Notification Solution This smartphone based solution helps customers enhance their experience with the insurers by enabling them to notify the loss details and perform a host of activities including social media, taking videos of the accident scene, and uploading videos to the insurers from their Smartphones.

This solution helps increase the productivity of the attorneys handling litigation claims by enabling them to access the clients’ data.

Attorney Assist Solution

This solution enables insurers as you to manage the catastrophes more effectively, efficiently, and proactively.

Catastrophe Claims Management solution

This solution enables customers to use their Smartphones to detect accidents, and thereby use the phone as a life-saving device in case of accidents.

Mobile Telematics Solution

This tool helps insurers analyze the unstructured data, such as call center notes, underwriters notes, and adjuster notes; and extract information about specific types of events, entities, and their relationships.

Text Mining Tool

AnalyticsThis tool helps insurers analyze the responses to surveys such as customer, employee, product or market surveys and derive meaningful insights. This tool analyzes both structured and unstructured responses using statistical and data-mining techniques.

Survey Analytics Tool

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Copyright © 2011 Tata Consultancy Services Limited

About Tata Consultancy Services Ltd (TCS)

www.tcs.com

Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled, infrastructure, engineering

TMand assurance services. This is delivered through its unique Global Network Delivery Model , recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has a global footprint and is listed on the National Stock Exchange and Bombay Stock Exchange in India.

For more information, visit us at

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Contact

To know more about Insurance Innovation Lab and how it can help you in innovation, contact insurance.innovationlab@tcs.com

Why TCS

At TCS, our Insurance Innovation Lab provides an environment to ideate, architect, design, develop, incubate, and pilot new domain solutions using the latest technologies, in a cost-effective manner. Our Lab gives you ‘on-demand’ access to innovation and creativity, with a team comprising domain experts, business process analysts, technology specialists, and an R&D team. By partnering with us, you gain from our:

Business-aligned solutions. We design and develop innovative solutions based on the innovation focus areas and the opportunity areas identified by our customers and domain experts. These help your business units perform better, quicker, and at lower costs, with the help of technology.

Range of offerings. Our vast array of innovation solutions cater to the needs of various business lines. These are available as solution accelerators and help reduce the time to pilot and implement. These offerings are backed by our extensive insurance domain knowledge and deep technical expertise in implementing solutions across various insurers.

Consulting and implementation experience. We support our solutions with our extensive, real-world experience in consulting and implementing our innovation solutions across various insurers. Our solutions are customized to cater to your unique needs and can be integrated with your existing systems to add new capabilities.

Innovation ecosystem. Our innovation ecosystem consists of Innovation Labs – TM TMtechnology and domain, the TCS Co-Innovation Network (COIN ), and insurance

industry solutions support units. These allow you to partner with us in all stages of the innovation life cycle. You also gain access to our tools, processes, best practices, and solution accelerators, tested and proven in different industries.

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