Tata Consultancy Services (TCS) announced that Standard Bank's short-term insurance business in South Africa has selected TCS BaNCSTM Cloud for Insurance to power its digital claims transformation and reaffirm its leadership in the region. TCS BaNCS Cloud for Insurance will be offered on a SaaS model on AWS Cloud and will help the insurer harmonize more than 60 products spread across four claims administration platforms, enabling faster and accurate claims processing. The solution will also integrate with 16 different downstream applications including the enterprise GL system, payment gateway, CRM, business intelligence solutions, as well as all other peripheral systems identified in Standard Bank Insurance's technology roadmap. Combined with a cloud-first approach, a faster claims processing engine and high configurability, the solution will help Standard Bank Insurance improve operational efficiency and streamline claims management. TCS BaNCS APIs will help Standard Bank Insurance connect to ancillary systems easily and offer personalized experiences to their customers. Additionally, TCS' analytics and data-driven insights tool will help in decreasing customer churn and speed up decision-making related to claims settlements. TCS BaNCS Cloud for Insurance is an end-to-end rules-driven core insurance platform spanning capabilities in underwriting, customer policy servicing, claim processing, co-insurance, finance, reporting and branch operations across P&C, Health and Life insurance businesses. This SaaS offering has been adopted by banks and financial institutions of varying sizes across the globe for its future-ready digital architecture, functionality, business agility and operational efficiency. Its proven application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance. Cloud agnostic, it ensures that customers gain from a standardized and consistent platform. With a predictable and committed roadmap, systematic regulatory updates, and a complete operational model it provides customers with the reassurance to concentrate on their core competencies rather than on building and maintaining costly IT infrastructure. TCS BaNCS Cloud handles over 100 million transactions per month for more than 220 customers across the world.